Mid-Missouri bank ordered to pay $5 million after "deceptive practices"
DIXON - The Federal Reserve Bank issued an order for Mid America Bank and Trust Company to pay $5 million to customers after using "deceptive practices."
In addition to other corrective measures, the order requires Mid America to refund fees paid by nearly 21,000 customers as a result of the deceptive marketing. Mid America also has to refund total qualifying payments for some customers, and waive the remaining balance.
You can read the order from the Federal Reserve Bank here.
According to Mid America's website, the bank was founded in 1920 as the State Bank of Dixon. It operates three branches in Dixon, Rolla, and St. Robert.
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