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CFPB enforcement action carries warning for banks that advertise free checking
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Banking
Friday, October 10, 2014
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The Consumer Financial Protection Bureau ordered Buffalo-based M&T Bank to refund $2.9 million to tens of thousands of consumers the agency said were shifted out of their free checking accounts when they failed to maintain a minimum level of account activity. The bureau said the bank disclosed the minimum activity requirement in certain documents but failed to do so in its adverting. Read on for the details.
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