A Utah bank was ordered to pay a $650,000 civil money penalty (CMP) in December for engaging in “deceptive acts and unfair practices,” the federal bank deposit insurer said Friday.
According to the Federal Deposit Insurance Corp. (FDIC), WEX Bank of Sandy, Utah, was levied the penalty after the agency found it violated section 5 of the Federal Trade Commission (FTC) Act. According to the FDIC, the bank:
- failed to disclose the personal guarantor liability of certain corporate representatives applying for commercial credit on behalf of their businesses;
- charged certain customers higher late fees, paper delivery fees, and reactivation fees than the bank disclosed to consumers;
- failed to disclose a returned payment fee to certain consumers;
- charged duplicate monthly fees to certain consumers.
The order to pay the CMP was included among several enforcement actions taken in December that the agency announced Friday.