Have You Stopped Balancing Your Checkbook?

The Consumer Financial Protection Bureau (did you know that federal agency existed?) fined Citizens Bank $7.5 million and ordered it to return $11 million to customers for keeping for a time customers’ deposits when their deposit slips did not match the amount deposited at the bank.

So, if your deposit slip said $25 and the check was for $26, the bank kept your dollar.

The bank said it was “ignoring discrepancies.” Sounds more like fraud.

http://www.unionleader.com/article/20150813/NEWS03/150819681&source=RSS

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About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at: http://www.linkedin.com/pub/jeffrey-a-koeppel/0/63/5a9
This entry was posted in balance, Banking, CFPB, checkbook, Citizens Bank, Consumer Financial Protection Bureau, Department of the Treasury, deposits, discrepancies, Dodd Frank, fine, fraud, insufficient funds fees, monthly maintenance fees, NSF, overdraft fee, penalty, review, unfair and deceptive practice. Bookmark the permalink.

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