![]() It operates approximately 1,700 retail branches and 2,000 ATMs across 16 states. Regions Bank (NASDAQ:RF) is based in Birmingham, Ala., with more than $160 billion in consolidated assets. We have more work to do to change this mentality.” “Too often, large financial firms make a calculation that continuing to break the law is more profitable than following it. “Regions Bank raked in tens of millions of dollars in surprise overdraft fees every year, even after its own staff warned that the bank’s practices were illegal,” said CFPB Director Rohit Chopra. The CFPB also found that Regions leadership knew about and could have discontinued its surprise overdraft fee practices years earlier, but they chose to wait while Regions pursued changes that would generate new fee revenue to make up for ending the illegal fees. Financial regulators have long cautioned banks against charging this type of overdraft fee. The bank charged overdraft fees even after telling consumers they had sufficient funds at the time of the transactions. ![]() From August 2018 through July 2021, Regions charged customers surprise overdraft fees on certain ATM withdrawals and debit card purchases. ![]() – Today, the Consumer Financial Protection Bureau (CFPB) is ordering 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.
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