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USAA customers to get $12m back for payment errors

January 7, 2019

USAA Federal Savings Bank has been ordered to pay $12 million in restitution to customers and got hit with a $3.5 million fine for its unusual payment behaviour.

In its consent order, the Consumer Financial Protection Bureau (CFPB) says it found that Texas-based USAA violated the Electronic Fund Transfer Act and Regulation E by failing to properly honour consumers’ stop payment requests on preauthorised electronic fund transfers, and by failing to initiate and complete reasonable error resolution investigations.

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