Regions Bank Fined $7.5 Million for Illegal Overdraft Fees

April 28, 2015 5:21 PM

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The Consumer Financial Protection Bureau has fined Regions Bank $7.5 million for illegally charging customers for overdraft protection.

Regions Bank, which has branches across 16 states, mostly in the South, has already refunded $49 million in overdraft fees to its customers, the CFPB said Tuesday. The agency said the Birmingham, Alabama-based bank will have to hire a consultant to determine if more customers are due refunds.

Also read: EU fines 3 banks $520 million over market rigging

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