RBS Citizens subsidiaries fined $14m
Nikhil Kumar is The Independent's New York correspondent. He was formerly assistant editor on the foreign desk and has also done a variety of jobs on the city desk, where he wrote about markets, commodities and other business and economics topics.
Wednesday 01 May 2013
American regulators hit RBS subsidiaries with sanctions worth nearly $14m (£12m) yesterday. RBS Citizens was fined $5m and ordered to pay more than 250,000 customers $2.5m in total for inaccurate or misleading information on overdrafts.
For a similar violation, the Citizens Bank of Pennsylvania was fined $5m and ordered to pay $1.4m to more than 75,000 customers.
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