In an investigation, the Consumer Financial Protection Bureau found that between 2018 and 2021, Regions was charging overdraft fees on some ATM withdrawals as well as some debit card purchases, even after the Alabama-based bank told the customers they had enough funds in their account to cover the transactions.
Further the CFPB found that Regions’ executives knew the error in their systems was occurring, but held off making adjustments to their practices until the bank could find ways to replace the revenues lost from the fees. The CFPB said overdraft and non-sufficient funds fees — otherwise known as a bounced-check fee — were roughly 18% of the bank’s non-interest income in 2019.
'Too often, large financial firms make a calculation that continuing to break the law is more profitable than following it. '
Put someone in jail so they don't do it again.
The move here is simple. They pay back $2 for every dollar they charged. Then they pay for an ad campaign across the footprint, if you can prove they didn’t refund you, they own you $4 for every dollar. Plus the 50 million fine.
It's time to hold corporate executives criminally accountable for the illegal acts of the corporations they hold managerial control over!
And yet none of the rich white guys who run the bank will be held accountable. But I bet some tellers are in trouble for reversing a few overdraft fees.
Regions is the absolute worst.
not enough, a black guy gets choked to death on the streets of ny for selling loose cigarettes, and banks are simply allowed to try multiple time to steal from their depositors, and they get a paltry 50 million dollar fine that goes to the government? wtf sort of justice is that
How much did they make in their illegal fee scheme?
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