Personal Finance: Credit card penalty payments are arriving | Credit ...

Personal Finance: Credit card penalty payments are arriving
News from Sacramento Bee:

Tis the season ? of consumer refunds.

In coming weeks, more than $ 425 million in refunds and restitution is going out to millions of consumers nationwide, thanks to a recent round of crackdowns on deceptive credit card practices.

And another $ 410 million ? from Bank of America ? is already landing in pockets of millions who got stuck with excessive debit card fees.

In most cases, no one?s going to get rich off these settlements. In fact, folks will likely get back just pennies on the dollar.

But still, cash is cash. And a little extra in the wallet is always welcome.

Behind some of the payouts is the Consumer Financial Protection Bureau ? a year-old federal agency launched in July 2011 to play ?neighborhood cop? in policing the consumer financial market, everything from mortgages to student loans to credit cards.

Working with other federal agencies, the CFPB this summer and fall ordered three credit card companies ? American Express, Capital One and Discover ? to return a combined $ 425 million to consumers, primarily for misleading sales tactics.

?We think this is definitely a case of enforcement getting better,? said Bill Hardekopf, CEO of credit card comparison site LowCards.com, who follows the credit card industry. He said the CFPB ?is establishing the fact that they mean business. Their ?calling? is????? continues on Sacramento Bee

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Source: http://www.creditcardguide.org/2012/12/personal-finance-credit-card-penalty-payments-are-arriving/

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