If you have an American Express credit card, you could be one of the 250,000 customers due for a refund. According to NBC News, American Express has been accused by regulators of unlawfully charging late fees and forcing cunsumers to settle debts or purchase new card services. On top of that, they will also pay $27.5 million in civil penalties to the Federal Deposit Insurance Corp, CFPB, the Federal Reserve and the Office of the Comptroller of the Currency. But don’t get too excited…you won’t get your money until March 2013…on top of a tax refund…YAY!!!
- American Express to refund $85M to customers, pay fine (bizjournals.com)
- You: American Express to refund $85 million to credit card customers (latimes.com)
- AmEx to refund $85 million to customers (money.cnn.com)
- American Express fined for misleading customers (abc.net.au)
- Amex paying $112M in late-fee settlements (kansascity.com)