Citizens Bank Of Pa. Ordered To Repay Customers For Transaction Errors

Many customers of Citizens Bank in Montgomery County will be receiving a check in the mail sometime soon.

The bank has been ordered to pay over #30 million in restitution and penalties for failing to correct deposit errors between 2008 and 2013, they announced in a press release Wednesday.

The agreement is a part of a settlement with the Consumer Financial Protection Bureau.

“As we continue to improve our performance as a company, we are pleased to have resolved this matter from an earlier era,” Citizens Bank said in a statement. “We strive to do our best for our customers every day and to do right by customers when issues like this come to light.

There are 166 Citizens Bank branches in the Philadelphia area, including dozens throughout Montgomery County.

“We are now working with our regulators to make appropriate redress as quickly as possible,” the bank continued in their statement. “As previously disclosed, we have adequate reserves to cover the redress and fines.”

Some customers throughout Pennsylvania and certain areas of Rhode Island will also receive restitution.

The bank will pay customers within four months of getting approval for its restitution plan from the FDIC, according to Philly.com

The errors were up to $50 per transaction, according to the report, but in certain cases the mistakes were made in the customer’s favor.