Capital One to Pay Millions Back to Mislead Customers

Our new Consumer Financial Protection Bureau, has ordered Capital One Bank to pay $210 million in refunds and regulatory fines back to credit card customers whom they allegedly tricked into purchasing additional services. Additional services include payment protection and credit monitoring services. Although Capital ne des doesn’t admit nor deny these accusations they will be paying up to $150 million to 2.5 million customers, $25 million to the CFPB and $35 million to the Office of the Comptroller of the Currency. The majority of the refunds will go to customers who purchased additional card services between August 2010 and January 2012. These customers will receive a full refund of the fees paid. Capital One will not be selling the these additional products until they have developed an acceptable plan. Real Full Article.

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