Billion-Dollar Bank Pays $15,000,000 for Decade of ‘Deceptive Practices’ Against Its Customers

A US-based bank is paying $15 million for allegedly engaging in deceptive practices against its customers for at least a decade.

The Office of the Comptroller of the Currency (OCC) says MUFG Union Bank, which has been acquired by U.S. Bancorp, told customers they would receive a series of fee waivers and discounts.

But in reality, the bank did not follow through and give account holders what they were promised.

The affected customers held deposit accounts, rented safe deposit boxes and were part of a private banking program.

Although the OCC says Union Bank self-reported the issues, the bank neither admitted or denied the allegations made by the regulatory agency.