Santander fined $10 million for overdraft practices
The Consumer Financial Protection Bureau has ordered Santander Bank NA to pay a $10 million fine for illegal overdraft service practices.
Santander's telemarketing vendor deceptively marketed the overdraft service and signed certain bank customers up for the service without their consent.
In addition to paying the civil money penalty to the CFPB, Santander Bank must go back and give consumers the opportunity to provide their affirmative consent to overdraft service, not use a vendor to telemarket its overdraft service and it must increase oversight of vendors it uses to telemarket consumer financial products or services.
Santander is a national bank based in Wilmington, Del. Santander Bank operates a network of about 700 retail branch offices in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island. It has eight locations in Berks County and one in Pottstown.
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