Bank of America huge fine and refund payout over credit card practices
Bank of America has decided to pay $772 million (557 million pounds) in penalties and incentives to consumers.
A settlement was ordered by uS regulators over allegations of deceptive advertising and unfair payment associated with bank cards.
The issues centred on products offering protection from identity theft and cost protection in case of job loss or serious disease.
The company neither admitted nor denied wrongdoing, the Customer Financial Protection Agency said.
Bank of America is the most recent to pay for penalties to resolve claims of illegal practices involving such items.
Others include JPMorgan Chase, American Express, Discover Financial Services and Capital One Financial.
Bank of America said in an e-mailed statement its own cost protection products in August 2012 and that it’d stopped promoting its identity theft security products in December 2011.
The lender has also previously released reimbursement payments to many clients who have been affected, the statement said.