Capital One to Reimburse 18,000 Customers $775,000

Capital One Financial Corp. is reimbursing about 18,000 customers $775,000 for annual credit-card membership fees after a regulator deemed some of them unfair. [Read the full article]

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Capital One Financial on Thursday said it will repay customers a total of $775,000 as part of an agreement with federal regulators over annual fees the bank assessed on closed accounts.

The bank will reimburse 18,400 customers across the country as part of an agreement with the Office of the Comptroller of the Currency.

Between 2004 and 2006, Capital One assessed of annual membership fees, on accounts with no outstanding balance owed, after consumers had asked that the accounts be closed.

The company said it refunded fees for customers who contacted the company at the time. “But, in retrospect, we should have done so for an additional 3,400 customers, as well,” Capital One said in the release.

In addition to those 3,400 customers, Capital One said it will also refund fees for 15,000 customers who paid off their balances within 90 days of requesting their accounts be closed. [Read the full article]


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