IPFS News Link • Corruption
Discover Is Refunding $200 Million To Credit Card Customers
• businessinsider, Shlomo Sprung and Jill Krasny
The Consumer Financial Protection Bureau and Federal Deposit Insurance Corp. have ordered Discover to cough up $200 million in refunds to more than 3.5 million customers.
The alleged deception was carried out between December 2007 and August 2011, and the services cost about $3 to $10 a month.
"The FDIC and CFPB have determined that Discover has engaged in deceptive acts and practices in or affecting commerce," said the government filing. "The FDIC further has determined that Discover has engaged in unsafe or unsound banking practices."