A US financial institution with $20.5 billion in belongings, loans, and deposits will ship at the very least $5 million to hundreds of consumers after allegedly harvesting tens of millions of {dollars} in unlawful overdraft charges.
The Client Monetary Safety Bureau (CFPB) says Atlantic Union Financial institution enrolled hundreds of individuals in checking account overdraft applications with out correct consent.
The company says the financial institution’s staff illegally obtained oral affirmation from prospects on the cellphone to enroll in overdraft protection earlier than offering correct written disclosures.
The CFPB says the financial institution can pay at the very least $5 million in unlawful overdraft charges to affected prospects, in addition to a $1.2 million penalty to the CFPB’s victims reduction fund.
“Atlantic Union Financial institution harvested tens of millions of {dollars} in overdraft charges by means of a number of unlawful practices.
Individuals are fed up with junk price scams and the CFPB will proceed its work to make sure households are handled pretty.”
In a press launch, Atlantic Union Financial institution says it doesn’t admit to any wrongdoing in its settlement with the CFPB.
“We respectfully disagree with the CFPB’s conclusions about these historic practices and take very severely our obligation to adjust to relevant legislation.
We’re, and have at all times been, dedicated to treating our prospects pretty and offering them with the knowledge they should assist them make monetary selections that work for his or her lives.”
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