The Consumer Financial Protection Bureau (CFPB) ordered three credit card issuers, Discover, American Express and Capital One, to refund a collective $435 million to cardholders. Refund dispersion is already underway to a reported six million consumers. The majority of these refunds will show up as credit on the appropriate cardholders’ accounts. If consumers qualify for a refund but are no longer a cardholder, they will receive a check in the mail. Qualified cardholders are expected to receive their refunds by the end of March 2013.
American Express has been ordered to issue $85 million in refunds to 250,000 customers for illegally high late fees and monetary rewards that were promised but never received. Capital One was ordered to issue $150 million in refunds to two million customers for pressuring and misleading them into buying products and services. These services included payment protection and credit monitoring. Discover was ordered to issue $200 million to 3.5 million customers who were coerced into purchasing credit protection products between December 2007 and August 2011.
To read more on this story visit: http://money.cnn.com/2012/12/17/pf/credit-card-refunds/index.html?source=cnn_bin
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