The Federal Deposit Insurance Corp. has fined East Boston Savings Bank (EBSB) $35,000 in a consent order resulting from allegations of unfair and deceptive practices.
The consent order was finalized in December and released by the FDIC today. In it, the bank agrees to pay the fine but admits no wrongdoing.
The FDIC says East Boston Savings Bank "violated the prohibition against unfair and deceptive acts or practices…in the banks implementation of its overdraft protection."
When contacted earlier this week, representatives from Meridian Interstate Bancorp, parent company of East Boston Savings Bank, said they could not comment on pending litigation or regulation.
Reimbursement was provided to affected customers, the FDIC says in the order.