The US Office of the Comptroller of the Currency has assessed a $10 million penalty against Citizens Bank and ordered the bank to identify and reimburse harmed customers.

The bank's full name used to be RBS Citizens, National Association, and is now Citizens Bank, National Association, Providence, Rhode Island.

The OCC found that bank practices related to reconciling deposits failed to resolve discrepancies between the amounts of funds deposited by customers and the amounts encoded from the accompanying deposit slips. The bank failed to notify customers when discrepancies were found, failed to correct deposit amounts, and did not describe accurately its process for resolving such discrepancies accurately. The OCC says that the bank broke section 5 Federal Trade Commission Act. The penalty will be paid to the US Treasury.

Customers eligible for restitution include those who were under-credited as a result of the bank’s deposit reconciliation practices between January 2008 and November 2013. The order also requires the bank to correct these practices and enhance its governance and oversight-related activities.

The OCC is coordinating its action with the Consumer Financial Protection Bureau (CFPB) and Federal Deposit Insurance Corporation (FDIC), which have issued their own separate orders.