October 9, 2014: CFPB took action against M&T Bank for allegedly deceptive advertising of free checking accounts. The CFPB found that M&T supposedly lured in consumers with promises of “no strings attached” free checking, without disclosing key eligibility requirements. When consumers failed to meet the requirements, M&T automatically switched them to checking accounts with fees. M&T must provide $2.9 million in refunds to the approximately 59,000 consumers deceived into paying fees and it was ordered to pay a $200,000 penalty for the violations.