CFPB penalty areas for unexpected overdraft fees

Financial sector agreed to pay $191 million to settle regulators’ allegations that it charged unexpected fees Overdraft fee harmed its customers.

A review from the Consumer Financial Protection Bureau found that, between August 2018 and July 2021, the bank charged customers overdraft fees for debit card purchases and ATM withdrawals. even though they had sufficient funds in their accounts at the time such transactions were authorized.

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