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Bank of America huge fine and refund payout over credit card practices

Bank of America huge fine and refund payout over credit card practices
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Bank of America has agreed to pay $772 million (557 million euros) in fines and refunds to customers.

US regulators ordered a settlement over allegations of deceptive marketing and unfair billing linked to credit cards.

The problems centred on products providing protection from identity theft and payment coverage in the event of job loss or severe illness.

The company neither admitted nor denied wrongdoing, the Consumer Financial Protection Bureau said.

Bank of America is the latest to pay fines to resolve allegations of unfair practices involving such products.

Others include Capital One Financial, American Express, Discover Financial Services and JPMorgan Chase.

Bank of America said in an emailed statement that it had stopped marketing its identity theft protection products in December 2011 and its payment protection products in August 2012.

The bank has also already issued refund payments to most customers who were affected, the statement said.

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