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AmEx to issue refunds for illegal card practices

Special to SEGAZINE

Several American Express subsidiaries will refund at least $59.5 million to more than 335,000 consumers for illegal credit card practices, federal regulators said Tuesday.

The affiliates also agreed to pay $16.2 million in fines under the settlements announced by the Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation and the Office of Comptroller of the Currency.

The refunds and penalties relate to add-on products, such as credit monitoring and payment protection, that the company and its subsidiaries offered and sold to card holders.

USA Today

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