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Bank of America has been ordered to pay roughly $772 million in refunds to customers and fines to federal regulators to settle allegations that the bank used deceptive marketing and billing practices involving credit card products.
The Consumer Financial Protection Bureau said that Bank of America “illegally charged” its customers for credit monitoring and credit reporting services that were not received.
As part of a consent order with the agency announced on Wednesday, the bank was ordered to give refunds to more than a million customers who purchased these add-on products for their credit cards.
The bank must also pay a $20 million fine to the Consumer Financial Protection Bureau and $25 million to the Office of the Comptroller of the Currency.
The bank was doing some outrageous stuff - if you told a telemarketer that yes, you'd like to "find out more" about some insurance product, they went and signed you up for it! Customers were also told that the first 30 days of a service were free! Except they were charged.
It quickly becomes obvious why the too-big-to-fail banks tried so hard to kill the Consumer Financial Protection Bureau in its crib.