Co-op Bank returns $6.3m in fees to customers

Fri, 20 Jan 2023

The Co-operative Bank has started refunding $6.3 million worth of fees back to its customers, which date back to July 2017.The decision to refund the fees, which relate to credit issued including credit cards, overdrafts and loans, came after a review of the company’s fees that it undertook due to the amended Credit Contracts and Consumer Finance Act (CCCFA) that came into effect on Dec 1, 2021.A representative for the bank told BusinessDesk that the review resulted in changes to the methodology applied by the bank and a reduction in some...

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