![]() (The OCC likewise ignores the fact that a consumer can avoid these fees by keeping an accurate account balance.) In addition, the OCC finds that the Bank had engaged in a deceptive practice because its deposit agreement and disclosure and its schedule of fees (“Disclosures”) contained materially misleading representations and omissions regarding representment fees. The OCC finds the Bank’s practice to be unfair for the same reasons given by the CFPB. In its Fee Consent Order, the OCC finds that the Bank’s practice of charging either an NSF fee or an overdraft fee on re-presented transactions was an unfair and deceptive practice in violation of Section 5 of the FTC Act. Specifically, the CFPB states that consumers could not reasonably avoid re-presentment NSF fees “hether or not consumers expected or understood that would charge a new $35 fee each time it returned the same transaction.” The CFPB makes no reference to any disclosures given by the Bank except to suggest that it would have deemed the Bank’s practice to be unfair regardless of any disclosures it gave. (We note that the CFPB continues to ignore the fact that a consumer can easily avoid these fees by keeping an accurate balance of the amount in their account.) The CFPB also found that the substantial injury was not outweighed by any benefits to consumer or competition. According to the CFPB, the practice caused substantial injury that consumers could not reasonably avoid because they did not know when merchants would re-present transactions nor could consumers generally stop payments or revoke authorizations on transactions easily in time. In its Fee Consent Order, the CFPB finds that the Bank’s charging of re-presentment NSF fees was an unfair act or practice in violation of the Consumer Financial Protection Act (CFPA). However, in addition to finding the Bank’s practice of charging multiple NSF fees to be unlawful, the OCC also found that the Bank had acted unlawfully when, after initially declining a transaction due to insufficient funds and charging an NSF fee, it would subsequently pay the transaction and charge an overdraft fee. The Fee Consent Orders both involve the Bank’s practice which ended in February 2022 of charging multiple non-sufficient funds (NSF) fees in connection with the re-presentment of the same unpaid transaction. ![]() The CFPB also announced that it has entered into a second consent order with the Bank for alleged violations arising from certain of the Bank’s credit card-related practices. ![]() for alleged violations arising from the Bank’s representment fee practices (“Fee Consent Orders”). If you have an HSBC Currency Account, you can find your IBAN and BIC by logging on to online banking and selecting 'Details’ from your Currency Account transactions.The CFPB and the OCC announced that they have each entered into a consent order with Bank of America, N.A. Your IBAN and BIC will be on your statement. Select ‘Statements’, then on any recent statement.From the 'Accounts' screen, select the account you want to view the IBAN and BIC for.Your IBAN and BIC are on your paper statements, but you can find them when you log on to online banking or mobile banking, then: They help us to process your international payments automatically. Your International Bank Account Number (IBAN) and Bank Identifier Code (BIC) are your account number and sort code written in a standard format that can be used worldwide. To help make sure you receive money as quickly as possible, the bank sending the payment to you will need your: If the money is in a different currency to the one your account is held in, we'll convert it using the most up-to-date exchange rate before crediting it to your account. You can receive money in sterling or another currency (with the exception of Global Money Account, which can only currently receive sterling payments).
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