CFPB Calls M&T Bank’s Bluff on Free Checking

M&T Bank, New York, deceptively advertised free checking accounts with no strings attached. As it turns out, there were strings. Customers had to maintain a certain amount of activity to maintain the free status of the account and the bank would convert it into an account with fees if activity requirements were not met. What’s more, customers were not advised the change took place. [10/10/14]