NH customers hoping fees don't increase after Citizens Bank gets fined, owes with $11 million
MANCHESTER - Citizens Bank, the largest banking company in New Hampshire is in trouble.
They’re facing hefty fines and owe customers around $11 million.
According to the Consumer Financial Protection Bureau, Citizens failed to credit consumers the full amount of their deposited funds. In some cases, they kept money from deposit discrepancies when receipts didn't match the actual money transferred.
State Representative Will Infantine (R-Manchester) says Citizens should have been honest when customers overpaid.
“Inversely if they didn’t give you enough, you show them the money and say ‘I’m sorry you didn’t give me enough money.’ It’s the honest and honorable thing to do and I think they just chose not to do that,” Infantine said.
Between 2008-2013, if the difference was off by $50 or less, Citizens would keep the extra cash.
There’s mixed reaction among Granite Staters.
“You don't want to pay something which you don't want to pay, it doesn't matter if the amount is big or small,” said Bin Liu of Manchester.
“My paycheck goes right in and so there's no monkey business there even possible as far as I know,” said Jake Stanley of Manchester.
“It’s not that big of a deal, the punishment certainly didn't seem to fit the supposed crime,” said Dan Dywer of Merrimack.
Citizens will need to pay a penalty of more than $30 million dollars. Though Infantine feels the bank is at fault, he disagrees with the punishment.
“If you’re going to give them any kind of a fine or any kind of sanctions you also have to put a three or four year moratorium so they can’t increase everybody’s fees to make up for it,” Infantine said.
Citizens Bank released a statement:
“As we continue to improve our performance as a company, we are pleased to have resolved this matter from an earlier era. … we are now working with our regulators to make appropriate redress as quickly as possible.”
Any current customers who were affected will have the money deposited into their accounts. If you’ve closed your account, the bank will mail a check.