If you have a Capital One credit card, you might be entitled to
a refund. That's because the Consumer Financial Protection Bureau
ordered Capital One Bank to refund $140 million
to about 2 million customers who were pressured or mislead into
paying for credit-card products they didn't understand, want or, in
some cases, even need.
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Capital One call-center vendors offered consumers with low
credit scores or low credit limits payment protection, which
allowed them to ask the bank to cancel up to a year of payments if
they encountered certain life events, such as unemployment. The
vendors also offered credit monitoring with identity-theft
protection and access to credit education specialists.
Consumers were led to believe that the products would improve
their credit scores and sometimes were told the products were free.
Some consumers were enrolled without their consent, and some were
sold the products even though they were ineligible for them,
according to CFPB.
Capital One will automatically refund customers with open
accounts by crediting their accounts. Customers who have closed
their accounts will receive a check in the mail. The CFPB says
customers should expect to receive refunds later this year. If you
have questions about the refund, contact Capital One directly by
using the customer service number on your credit card.
The CFPB also is warning consumers to watch out for scammers who
may try to charge a fee, ask them to cash a check or divulge
personal information to claim their refund.
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