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July 19, 2012

Capital One settles charge of tricking card customers

  • The Consumer Financial Protection Bureau held Capital One responsible for the behavior of a third-party vendor, and requires automatic refunds to consumers who were duped.
    • By DANIEL WAGNER
    AP Business Writer

    WASHINGTON — Capital One Bank will pay $210 million to settle federal charges that it tricked credit card customers into buying costly add-on services like payment protection and credit monitoring.

    Most of the money will go directly to refund customers who were led to believe the services were free or mandatory or offered more benefits than they did, officials said Wednesday.


     
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