Citizens Bank Fined by CFPB, FDIC and OCC

In a news release from the Consumer Financial Protection Bureau (CFPB) yesterday the CFPB announced that the CFPB, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) have all issued fines against Citizens Bank for allegedly failing to credit consumers for the full amounts of their deposited funds.

Citizens Bank, N.A., was formerly known as RBS Citizens Bank, N.A.; Citizens Financial Group, Inc., formerly known as RBS Citizens Financial Group, Inc.; and Citizens Bank of Pennsylvania.

The bank kept money from deposit discrepancies when receipts did not match actual money transferred. “Citizens Bank regularly denied customers the full credits of their deposits when there were discrepancies between deposit slips and the actual money transferred into the bank,” said CFPB Director Richard Cordray. “The bank chose to ignore these discrepancies and harmed many consumers by pocketing the difference.”

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