M&T Bank ordered to return 2.

9 Million dollars to consumers for

deceptive Ads; according to Consumer Financial Protection Board (CPFB)
The CPFB announced it had signed a Consent Order with M&T Bank, based
out of Buffalo, New York; for 2.9 million dollars to be returned to
consumers. The CPFB stated that M&T Bank lured people to open "free"
accounts; that were not free.

In essence, the CPFB said that M&T Bank lured people to open accounts
without telling the consumers that if they did not use the account to a certain
degree (by depositing and withdrawing a certain amount per month) the
accounts would be converted to regular accounts. There was no notice given to
the consumers.

Under the regular accounts, the consumers had to maintain a certain balance or
were faced with monthly fines.

The CPFB directed M&T Bank to refund 2.9 million dollars to consumers and
the CPFB fined M&T Bank $200,000 dollars.

M&T Bank signed the consent order, agreed to the payments and issued a
statement stating they complied with the CPFB and that they had adopted to
regulatory changes about two-years ago.