Citizens Bank of Pennsylvania to Refund $1.4 Million to Customers in Deceptive-Marketing Settlement

May 1, 2013
Pittsburgh Post-Gazette  
overdraft news

While admitting no wrongdoing, Citizens Bank of Pennsylvania has agreed to a $6.4 million settlement over claims that it used deception in promoting its overdraft protection and checking rewards programs. The consent agreement with the Federal Deposit Insurance Corp. includes a $5 million civil penalty in addition to an estimated $1.4 million in customer refunds. Rhode Island-based RBS Citizens N.A., Citizens' parent company, reached a similar arrangement with the Office of the Comptroller of the Currency that entails a $5 million civil fine and $2.5 million in restitution. In all, some 345,000 bank customers -- 75,000 in Pennsylvania covered under the Citizens settlement and 265,000 consumers in other states covered under the RBS deal -- are expected to receive compensation.
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