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U.S. regulator orders Santander to pay $10 million over illegal overdraft practices

Reuters

By Sarah N. Lynch

WASHINGTON (Reuters) - The U.S. Consumer Financial Protection Bureau said on Thursday that Santander Bank (SAN.MC) would pay $10 million (£7.5 million) to settle charges that it engaged in illegal overdraft practices.

The regulator said the bank's telemarketing vendor deceptively marketed its overdraft protection services and then signed customers up for them without their consent.

(Reporting by Sarah N. Lynch; Editing by Lisa Von Ahn)