- Photo courtesy of Creative Commons
American Express will have to pay $85 million to about 250,000 costumers for illegal practices, the Consumer Financial Protection Bureau announced Monday. It will also have to pay about $27.5 million in penalties to the government.
The investigations found that the violations occurred at various points in time between 2003 and spring 2012. They occurred at every stage of the consumer experience, from shopping for cards, to applying for cards, to paying charges, and to paying off debt.
Specifically American Express deceived costumers, charged unlawful late fees, unlawfully discriminated based on age, failed to report consumer disputes and misled consumers about debt collection.