Hundreds Of Millions Of Credit Card Penalty Dollars are Arriving To Consumers

December 8, 2012

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.

With both the credit card and BofA rebates, consumers don’t need to do anything to get their money. The companies are required to contact customers, whose refunds will be automatically deposited into an existing account. If they’re not a current customer, they’ll be mailed a check.

But be on the lookout if you think you’re eligible. The checks are easy to mistake for junk mail that gets tossed in the recycling bin.

Story by Claudia Buck for the Sacramento Bee.

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4 Responses to Hundreds Of Millions Of Credit Card Penalty Dollars are Arriving To Consumers

  1. Just sayin on December 8, 2012 at 3:10 pm

    Yeay! Yet another reward for people who make terrible financial decisions. How about you just take these people’s homes and stuff until they realize how to work to pay for the things they want instead of relying on credit or getting rich from the Canadian lottery.

    • Debt Neutrality Petition on December 8, 2012 at 4:49 pm

      Assuming you have a job, demand that your company stop taking credit card payments for the product or service that you offer. Of course, don’t be surprised if your pay is cut or your hours reduced as a result.

      • Just sayin on December 9, 2012 at 2:08 pm

        Why should my cost of doing business go up so the banks can defray their business costs just because people don’t use their credit responsibly? That’s why pay is cut and hours reduced… to pay for the poor and ignorant.

  2. Nancy on December 10, 2012 at 12:46 pm

    It’s interesting to note that folks are likely to get back just pennies on the dollar. Seems the big banks use most of the pennies from deceptive and excessive fees to generate interest for big bonuses for the CEO’s and then return pennies on the dollar to the consumers who were ripped off. Something’s wrong with this picture.

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