Also on Tuesday, the Board issued a consent order against SunTrust for unfair and deceptive practices. As detailed in the order, SunTrust made misleading or inaccurate statements between 2013 and 2017 to certain business customers about the operation and billing for certain add-on products. SunTrust previously terminated these practices and, since 2016, has repaid approximately $8.8 million in fees to customers. As a condition of the merger, BB&T has committed that the resulting bank will comply with the enforcement action, including implementing procedures to verify the refunds and providing additional refunds, if required.
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This is a common practice amongst banks, they have money put aside for those clients who complain. The bank makes out in the end, for most people won't see it through for a refund. It's additional revenue. Sad but true, and I'm not saying it's right!
But they believe in transparency.