M&T Bank refunded $2.9 million over deceptive 'free checking' advertising
Company: M&T Bank Corporation
Summary
CFPB found M&T Bank advertised checking accounts as free without adequately disclosing an activity requirement and automatic conversion to an account carrying fees. The bank was required to refund about $2.9 million to roughly 59,000 consumers and pay a $200,000 penalty. Source: https://www.consumerfinance.gov/documents/2986/201410_cfpb_consent-order_m-t.pdf