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By NBC News wire reports
American Express will refund $85 million to customers to settle regulators' accusations that it charged unlawful late fees and deceived customers to pressure them to pay off old debts or buy extra credit card services, regulators said Monday.
Three subsidiaries misrepresented the perks consumers would receive if they enrolled in a credit card program, charged certain consumers higher late fees than were legally permissible, misled consumers about debt collection and committed other violations, the U.S. Consumer Financial Protection Bureau said.
Besides the refund to about 250,000 customers, American Express will pay civil penalties totaling $27.5 million to the CFPB, Federal Deposit Insurance Corp, the Federal Reserve and the Office of the Comptroller of the Currency.
"Several American Express companies violated consumer protection laws and those laws were violated at all stages of the game - from the moment a consumer shopped for a card to the moment the consumer got a phone call about long overdue debt," CFPB Director Richard Cordray said.
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