BrainKing - Discussion boards (Politics)

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Politics

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18. July 2012, 22:15:50

Mort

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Modified by Mort (18. July 2012, 22:17:51)

YO!! Americans .. It's time for some pay back.

"""A US regulator has fined the credit card provider Capital One Financial for misleading millions of customers into buying unnecessary products. Capital One has agreed to pay $210m (£134m) to settle the case and refund two million customers.

The Consumer Financial Protection Bureau (CFPB) said "deceptive marketing tactics" had been used. Consumers had to pay for extras such as payment protection and credit monitoring when they took out a card. CFPB director Richard Cordray said: "Customers were pressured or misled into buying credit card products they didn't understand, didn't want, or in some cases, couldn't even use."

"We are putting companies on notice that these deceptive practices are against the law and will not be tolerated," he added.

Capital One, on of the US's biggest issuers of credit cards, said it will refund customers $150m, pay a $25m fine to the CFPB and an additional $35m to the Office of the Comptroller of the Currency"""

... $150,000,000 in refunds going.. Are YOU owed??