Government Agency Gets Consumers $425 Million Back

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The Consumer Financial Protection Bureau has been busy lately. Here's a round-up of the money they've reclaimed for consumers from unfair credit practices.

We’ve written about the credit card settlements made between American Express, Discover, Capital One, and the Consumer Financial Protection Bureau in the past few months. Now LowCards.com has done the math and looked at how much money the agency is getting back for consumers: $425 million, by March 15…

American Express

The company will reimburse approximately 250,000 cardholders an estimated $85 million [for misleading consumers on debts, unpaid sign-up bonuses, illegal late fees, and broken promises]. These payments will be mailed by March 13, 2013.

Discover

Discover will pay approximately $200 million to more than 3.5 million consumers who were misled into buying add-on products between December 1, 2007 and August 31, 2011. Some were enrolled without providing consent.

Capital One

Capital One will pay approximately $140 million in complete payment plus interest to an estimated two million consumers who were misled into paying for “add-on products” on or after August 1, 2010. This also applies to those who tried to cancel a product during that time period but were persuaded to keep the product by a customer service representative. Capital One will pay the claims that had been denied based on ineligibility at enrollment due to unemployment and disability.

Isn’t it nice to see somebody standing up for you against the banks and credit companies?

Stacy Johnson

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Read Next: Ask Stacy: Why Is My Bond Fund Losing Money?

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