Arab Today, arab today bank of america to pay for illegal creditcard actions
Last Updated : GMT 13:10:27
Arab Today, arab today
Arab Today, arab today

Bank of America to pay for illegal credit-card actions

Arab Today, arab today

Arab Today, arab today Bank of America to pay for illegal credit-card actions

Washington - AFP

Bank of America will pay $772 million over illegal credit-card practices that lured consumers into signing up for added products and services, US regulators said Wednesday. Bank  of America will provide about $727 million in relief to consumers harmed by the practices, estimated to number 1.4 million, the Consumer Financial Protection Bureau said. The second-largest US bank also will pay a $20 million civil penalty to the CFPB, and a $25 million civil penalty to the Treasury Department's Office of the Comptroller of the Currency, which cooperated in the case. "We have consistently warned companies about illegal practices related to credit card add-on products," the director of CFPB, Richard Cordray, said in a statement. "Bank of America both deceived consumers and unfairly billed consumers for services not performed. We will not tolerate such practices and will continue to be vigilant in our pursuit of companies who wrong consumers in this market." BofA marketed two credit card payment protection products -- "Credit Protection Plus" and "Credit Protection Deluxe " -- from 2010 through 2012, using misleading information such as the cost and benefits of products, the CFPB said. The bank also sold credit monitoring services for which it illegally charged 1.9 million consumer accounts and, in some cases, the services failed to provide protection. BofA ended the marketing of credit protection in August 2013, and stopped marketing the identity protection products in late 2011. The Charlotte, North Carolina-based bank did not admit or deny any wrongdoing, according to the documents. In a statement acknowledging the agreements, Bank of America said it had already issued refunds to most affected customers. It said it had agreed to refund customers a larger amount than the agencies reported: $738 million. BofA shares were flat at $16.44 in afternoon trade.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bank of america to pay for illegal creditcard actions Arab Today, arab today bank of america to pay for illegal creditcard actions

 



Arab Today, arab today
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday