Regions Fined $191 Million Over ‘Surprise Overdraft Fees’ (1)

Regions Financial Corp. will pay $191 million in penalties over allegations by US consumer watchdogs that it charged clients illegal overdraft fees for almost three years.

The Consumer Financial Protection Bureau said Wednesday that Regions charged clients “surprise” overdraft fees from August 2018 until July 2021. The bank, according to the CFPB, penalized the customers on some ATM withdrawals and debit card purchases even after telling them that they had sufficient funds when the transactions occurred.

In a statement, the CFPB called Regions a “repeat offender” and said the firm had agreed to pay $50 million to the agency ...