Regions Bank to refund $141M for illegal overdraft fees

By KEN SWEET and JAY REEVES
The Associated Press

NEW YORK (AP) — Regions Bank for a second time in a decade was found charging illegal overdraft fees in a settlement that will require the bank to repay $141 million to customers plus $50 million in fines. An investigation by the Consumer Financial Protection Bureau found that between 2018 and 2021, Regions charged overdraft fees on some ATM withdrawals as well as some debit card purchases. That’s even after the Alabama-based bank told the customers they had enough funds in their account to cover the transactions. Regions said that while it disagreed with the bureau’s assessment of its business practices, the bank was pleased to put the settlement behind it.