National bank paying customers $727 million for illegal, deceptive practices
NEW YORK (CNN) – Bank of America customers may be getting a little cash back, but it’s not a reward.
The Consumer Financial Protection Bureau ordered the company to pay $727 million to customers.
Officials say around 1.9 million customers were illegally charged for products like credit monitoring and credit reporting services that they didn’t receive.
About $459 million will be refunded to those customers.
Another 1.4 million customers were victims of “deceptive marketing practices” that led them to sign up for products they didn’t want or understand.
They will get $268 million.
Bank of America is also forced to pay millions of dollars in fines to the CFPB.
The bank says it has stopped offering the add-on products and has already issued refunds to most of the customers who were affected.