RICHMOND, Va. -- Richmond’s biggest bank was hit Thursday by an enforcement action and fines from the Consumer Financial Protection Bureau.
The federal agency announced that Atlantic Union Bank has agreed to pay $1.5 million in penalties and repay at least $5 million to affected customers to settle charges that it illegally enrolled thousands in checking account overdraft programs without proper disclosures.
“Atlantic Union Bank harvested millions of dollars in overdraft fees through a host of illegal practices,” CFPB Director Rohit Chopra said in a prepared statement.
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