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Regions Financial (RF) will pay a $50-million civil monetary penalty and refund customers around $141 million for surprise overdraft fees charged earlier. Regions Financial (RF) will pay a $50 ...
From 2018 to 2021 Regions charged roughly $141 million in illegal fees, which will be refunded, the CFPB said in a statement on Wednesday. ... Alabama-based bank charged customers illegal ...
The CFPB also found that Regions misrepresented overdraft and non-sufficient fund fees related to the bank's short-term loan program. [38] On September 28, 2022, the CFPB again ordered Regions Bank to pay $50 million into the CFPB’s victims relief fund and to refund at least $141 million to customers harmed by its illegal surprise overdraft fees.
The CFPB ordered Regions Bank to pay $191 million to customers in September 2022 for charging “illegal surprise” overdraft fees on “certain ATM withdrawals and debit card purchases ...
The Alabama-based bank must also refund customers their money.
While banks have cut back on overdraft fees in the past decade, the nation’s biggest banks still take in roughly $8 billion in the charges every year, according to data from the CFPB and bank ...
They follow PNC, TD Bank, Fifth Third, Huntington Bancshares, and Regions Financial, all of which earlier this year limited overdraft fees by introducing new accounts or services or curbing when ...
Recently, banks have come under increased scrutiny for their practice of charging overdraft fees, as critics voice concerns about their fairness and impact on vulnerable customers. These fees are...