CFPB Orders Atlantic Union Bank To Pay $6.2 Mln For Illegal Overdraft Fee Harvesting

(RTTNews) - The Consumer Financial Protection Bureau or CFPB ordered Atlantic Union Bank to pay $6.2 million for illegally enrolling thousands of customers in checking account overdraft programs.

The CFPB found that the bank misled consumers who enrolled in the overdraft service by phone and failed to provide proper disclosures.

The CFPB ordered Atlantic Union Bank to refund at least $5 million in illegal overdraft fees and pay a $1.2 million penalty to the CFPB's victims relief fund.

In a separate press release, Atlantic Union Bank confirmed that it has settled an investigation by the CFPB into certain practices of Atlantic Union during the period from 2017 to 2020 relating to its Opt-In Overdraft Privilege service.

Atlantic Union said it does not admit to any wrongdoing, past or present, under the settlement.

"We respectfully disagree with the CFPB's conclusions about these historical practices and take very seriously our obligation to comply with applicable law," said Atlantic Union Chief Executive Officer John Asbury.