(Misfit Photographer) Each year consumers spend nearly $32 million in exorbitant overdraft fees to their banks and credit unions without fully understanding the way in which these fees work or how much they spend on each overdraft. Today, the Consumer Financial Protection Bureau reminded banks that using consumers’ lack of knowledge to collect more fees isn’t acceptable by imposing a $7.5 million fine against Regions Bank for unlawful overdraft practices. The CFPB fine, which marks the Bureau’s first action under a 2010 rule that protect consumers against illegal overdraft fees by their banks, stems from Regions’ practice of charging overdraft fees to consumers who had not opted-in for overdraft coverage and charging overdraft and non-sufficient funds fees on its deposit advance product despite claims that it would not. In addition to paying the $7.5 million CFPB fine, Regions must provide full refunds to consumers who were unlawfully charged overdraft fees.
Cfpb Fines Regions Bank $7.5m For Collecting Illegal Overdraft Fees
Ashlee Kieler, The Consumerist
Tue, 04/28/2015 - 11:33am
Topics: misfit photographer consumer financial protection bureau bureau s pdf alabama-based regions bank while regions november august regions ready advance cfpb s regions is cfpb fines regions bank million unlawful overdraft practices cfpb regions regions bank cfpb the cfpb illegal overdraft fees consumers customers banks charging charged accounts opt-in non-sufficient funds checking credit account cover linked unions failed transactions action year transaction charge spend transfer rule unauthorized payment product required coverage provide charges addition deposit
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