Atlantic Union Bank
On December 7, 2023, the Bureau issued an order against Atlantic Union Bank, a regional bank headquartered in Richmond, Virginia. Under Regulation E, which implements the Electronic Fund Transfer Act, before a bank can charge overdraft fees on ATM or one-time debit card transactions, it must first obtain a consumer’s affirmative consent (or opt-in) to the bank’s payment of those transactions. The bank must also provide the consumer with a written notice describing the overdraft service before it can obtain that consumer’s consent. The Bureau found that the bank violated Regulation E because, as part of its in-branch, checking account-opening process, its employees requested that new customers orally provide their enrollment decision before providing them with an adequate written notice describing the overdraft service. The Bureau also found that Atlantic Union Bank engaged in unlawful deception in violation of the Consumer Financial Protection Act of 2010 by misleading consumers who called in by phone and enrolled in its Opt-In Overdraft Privilege service; the bank misrepresented which transactions the service covered and omitted material information about the terms and conditions of the service. The Bank’s actions with respect to consumers who called and opted in by phone also violated Regulation E. The Bureau’s order requires Atlantic Union Bank to stop its unlawful conduct and to pay no less than $5 million in redress to affected consumers and a penalty of $1.2 million.
CONSUMER CONTACT INFORMATION
Consumers with inquiries related to redress under the order may contact the Atlantic Union Bank Customer Care Center by toll-free phone at 1-800-990-4828; online at https://www.atlanticunionbank.com/about/contact-us ; by mail at PO Box 5568, Glen Allen, VA 23058; or in person at 4300 Cox Road, Richmond, VA 23060.
Related documents
Press release
CFPB Orders Atlantic Union Bank to Pay $6.2 Million for Illegal Overdraft Fee Harvesting