Atlantic Union Bank fined $6.2 million by CFPB for illegal overdraft fee harvesting

The Consumer Financial Protection Bureau fined Atlantic Union Bank $6.2 million after it found the bank illegally enrolled thousands of customers in checking account overdraft programs, the regulator said Thursday.

"Atlantic Union Bank harvested millions of dollars in overdraft fees through a host of illegal practices," said CFPB Director Rohit Chopra, in a statement. "Americans are fed up with junk fee scams and the CFPB will continue its work to ensure families are treated fairly."

Atlantic Union Bank, is a subsidiary of Atlantic Union Bankshares Corp. (AUB)

"We respectfully disagree with the CFPB's conclusions about these historical practices and take very seriously our obligation to comply with applicable law," said Atlantic Union CEO John Asbury, in a press release.

"Nonetheless, we believe it is in Atlantic Union's best interest to settle this matter so we can continue focusing on providing the products, services, and support our customers want," he added.

-Chris Matthews

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12-07-23 0923ET

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