Tweet
Bank of America Corp. has agreed to refund customers $727 million and pay $45 million in fines for illegal credit card practices, according to a settlement with federal regulators announced Wednesday.
The refunds will go to as many as 2.9 million people who were deceived into signing up for products such as credit monitoring and identity theft protection or were improperly charged for such services, the Consumer Financial Protection Bureau said.
The action was part of a crackdown by the bureau on deceptive marketing, enrollment and billing practices related to such so-called add-on products by credit card companies. Bank of America is the fifth financial services company to be hit with fines and refund orders...
The refunds will go to as many as 2.9 million people who were deceived into signing up for products such as credit monitoring and identity theft protection or were improperly charged for such services, the Consumer Financial Protection Bureau said.
The action was part of a crackdown by the bureau on deceptive marketing, enrollment and billing practices related to such so-called add-on products by credit card companies. Bank of America is the fifth financial services company to be hit with fines and refund orders...
