Bancorp To Pay $3.3M In FDIC Suit Over Transaction Fees

Law360 (March 7, 2018, 8:47 PM EST) -- The Federal Deposit Insurance Corporation said Wednesday that it has ordered Bancorp Bank to pay nearly $1.3 million to approximately 243,000 consumers who were assessed transaction fees greater than what the bank disclosed, as well as a $2 million civil penalty.

According to the agency, consumers who used Bancorp’s prepaid and some reloadable debit cards to conduct signature-based transactions without a personal identification number paid larger transaction fees than the bank indicated, a violation of the Federal Trade Commission Act.

“The FDIC determined that the bank...
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