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April 10, 2014

BofA to pay $727 million to consumers over credit card practices

“Bank of America agreed to pay nearly $800 million in fines and restitution to settle allegations of deceptive marketing and unfair billing involving credit card products, U.S. regulators said on Wednesday.

“The Consumer Financial Protection Bureau and Office of the Comptroller of the Currency said they had ordered the bank to pay $727 million in relief to consumers to resolve problems with add-on products providing identity theft and payment protection products.

“The bank must also pay fines of $20 million to the bureau $25 million to the OCC.

“We have consistently warned companies about illegal practices related to credit card add-on products,” bureau Director Richard Cordray said in a statement. “We will not tolerate such practices and will continue to be vigilant in our pursuit of companies who wrong consumers in this market.”

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Read full Reuters article here.

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