CFPB orders Atlantic Union Bank to pay $6.2 million for illegal overdraft fee harvesting

The Consumer Financial Protection Bureau (CFPB) took action against Atlantic Union Bank for illegally enrolling thousands of customers in checking account overdraft programs. The CFPB found that Atlantic Union misled consumers who enrolled in this overdraft service by phone and failed to provide proper disclosures. The CFPB is ordering Atlantic Union to refund at least $5 million in illegal overdraft fees and pay a $1.2 million penalty to the CFPB’s victims relief fund. Read the CFPB press release here.