US Bank refunding $48M to credit card customers

[Omaha Steve]

Source: AP-Excite

WASHINGTON (AP) — U.S. Bank is refunding about $48 million in the latest federal settlement by a major bank over improper billing for extra credit card products that customers didn't receive.

The Consumer Financial Protection Bureau announced the agreement Thursday with U.S. Bank, the sixth-largest bank by assets. U.S. Bank was ordered to repay about 420,000 customers who signed up for credit monitoring products and were charged for services they didn't receive. In addition, Minneapolis-based U.S. Bank is paying $9 million in penalties to the CFPB and the Treasury Department agency that oversees national banks.

It was the latest in a string of enforcement actions against major banks over billing for credit card "add-ons." Federal regulators have been examining the financial industry's marketing of the products for several years.



Read more: http://apnews.excite.com/article/20140925/us-us-bank-credit-card-billing-731349534f.html

[yeoman6987]

1. I doubt I will get anything

Navy Federal didn't sell me any product. They are pretty straight forward.

[tazkcmo]

4. Not all peaches and cream

My last job I spoke with a retired veteran about this institution. He has a case in litigation for loan fraud where he says they bilked him out of over $150k. The conversation lasted an hour and I won't go into a lot of detail but part of it was re-classifying loans (auto to RV to Home) and such. Not trying to disparage this CU but I tend to believe that at least some of what he told me is true. Obviously he was pretty upset about it. I wonder if there has been a change in who runs Navy Fed? If his suit is successful, hopefully it's due to a crooked loan agent(s) and not indicative of wide spread activity. Before this I dealt with many veterans very happy with Navy Fed.

[rocktivity]

2. Assuming the lawyers get a third

that's about $75 each. Depends on how much they spent on the undelivered products, of course.


rocktivity

[jwirr]

3. Since I owe them money I assume they will take anything I would get out for that. Actually that

would be fine with me. I owe it.