Bank of America hit with $800M penalty

Published 12:00 am Thursday, April 10, 2014

Bank of America has been ordered to pay roughly $800 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.

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As part of a consent order with the agency announced Wednesday, the bank was ordered to refund more than 1 million customers who purchased these add-on products.

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