USAA to pay $12M to members after failing to stop unauthorized electronic payments
STARS AND STRIPES
By WILLIAM HOWARD
Published: January 4, 2019
More than 66,000 USAA members affected by the financial services and insurance company’s failure to stop electronic payment transfers may receive a $181.59 check, following a settlement with federal regulators.
USAA, who membership is open exclusively to the military community and eligible family members, agreed to pay $12 million in restitution and a $3.5 million civil fine by mid-January, the Consumer Financial Protection Bureau announced Thursday.
USAA violated the Electronic Fund Transfer Act and an associated regulation by failing to properly honor consumers’ stop payment requests on pre-authorized electronic fund transfers, as well as failing to start or complete error resolution investigations, according to a consent order signed by the bureau Wednesday.
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