Banco de Chile agreed to pay compensation exceeding $30 million after settling a class-action lawsuit over alleged abusive charges by the bank, national consumer service agency Sernac said.

Customers collectively sued Banco de Chile, alleging that it charged undue fees related to a "covenant overdraft line" product.

Under Sernac's conciliatory agreement with the bank, 140,630 customers will receive amounts ranging from about 3,000 Chilean pesos to 2.5 million pesos.

Banco de Chile eliminated the product in 2016, as had been demanded by Sernac in the lawsuit. The bank was also made to pay a fine worth about 2.38 million pesos.

As of June 14, US$1 was equivalent to 634.33 Chilean pesos.