Apr 9, 2014 12:52 PM by Associated Press
WASHINGTON (AP) - Bank of America Corp. is paying $772 million in fines and refunds to settle regulators' accusations that it misled customers who bought extra credit-card products and illegally charged others for credit monitoring and reporting services they didn't receive.
The Consumer Financial Protection Bureau and the U.S. Office of the Comptroller of the Currency announced the agreement Wednesday with the second-largest U.S. bank.
It is the largest settlement over credit card "add-ons" won by federal regulators, who have been examining the marketing of the products by the financial industry for several years.
The regulators said about 3.3 million customers were affected in the Bank of America case. They say telemarketers made sales pitches for two credit-protection products that were misleading about their costs and benefits.
Charlotte, N.C.-based Bank of America neither admitted nor denied the allegations.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
1 hour ago
Do you have a tip, information about a breaking news story, or a story idea for 6 Investigates? Contact the KRIS 6 News Desk at 361-884-6666 or send us an email.
Send us your feedback. We want to hear from you!
Look at photos and videos and share them!
|KRISTV.COM Mobile Website
Get KRISTV.com on your mobile or PDA!
|KRISTV.COM Mobile Apps
Get our mobile apps on your mobile or PDA!
See the latest winning numbers!
|6 News Team
Read about your favorite KRIS-TV personalities!
|FCC Online Public File
FCC Public File of Records, Reports, and more