X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

The CFPB, FDIC and Office of the Comptroller of the Currency have ordered Citizens Bank, N.A., Citizens Financial Group, Inc. and Citizens Bank of Pennsylvania to pay tens of millions of dollars in restitution and penalties for pocketing money from customers whose deposit slip totals didn’t match the amounts deposited by the institution. The move marks the first action the CFPB has ever taken in regard to deposit processing practices.

Between Jan. 1, 2008, and Nov. 30, 2013, when the bank’s scanners misread either deposit slips or deposited checks, or if the totals on deposit slips did not equal the actual deposit totals, Citizens Bank did not take action to fix the mistake if it fell below a certain dollar amount, the CFPB said in a statement. In some cases, when the total on the deposit slip was lower than the actual deposit amount, the bank credited the customer for the lower amount and kept the difference.

Tina Orem

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.