Santander Bank, N.A.
The Consumer Financial Protection Bureau found that Santander’s telemarketing vendor deceptively marketed the overdraft services and signed certain of the bank’s customers up for overdraft services without their consent. CFPB has ordered Santander Bank, N.A. to pay a $10 million fine for illegal overdraft service practices. In addition, Santander must cease using telemarketers to contact consumers about overdraft services, improve its oversight of telemarketing vendors, and contact all consumers who the Bank’s telemarketer enrolled to ask if consumers want overdraft services.
Consumer Financial Protection Bureau Orders Santander Bank to Pay $10 Million Fine for Illegal Overdraft Practices