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MarketScreener Homepage  >  Equities  >  Nyse  >  Bank of America Corporation    BAC

BANK OF AMERICA CORPORATION

(BAC)
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Bank of America : BofA to pay $727 million to consumers over credit card practices

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04/09/2014 | 04:49pm EDT
A sign for a Bank of America office is pictured in Burbank, California

WASHINGTON (Reuters) - Bank of America agreed to pay nearly $800 million in fines and restitution to settle allegations of deceptive marketing and unfair billing involving credit card products, U.S. regulators said on Wednesday.

The Consumer Financial Protection Bureau and Office of the Comptroller of the Currency said they had ordered the bank to pay $727 million in relief to consumers to resolve problems with add-on products providing identity theft and payment protection products.

The bank must also pay fines of $20 million to the bureau $25 million to the OCC.

"We have consistently warned companies about illegal practices related to credit card add-on products," bureau Director Richard Cordray said in a statement. "We will not tolerate such practices and will continue to be vigilant in our pursuit of companies who wrong consumers in this market."

The consumer bureau said the bank had misled roughly 1.4 million people about the cost of two credit card payment protection products, which allow consumers to suspend minimum card payments if they lose their job or suffer a severe illness, and the amount of time they would receive benefits from them.

The bank also billed customers for identity protection products before they received them and did not provide some fraud-monitoring services consumers thought they were buying, regulators said. About 1.9 million people were unfairly billed, the consumer bureau said.

Bank of America neither admitted nor denied wrongdoing, the bureau said.

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.

In recent years, the bureau has been cracking down on credit card companies offering payment protection, credit score tracking and other add-on products. The settlement with Bank of America is the bureau's fifth such case, Cordray said.

Since 2012, Capital One Financial Corp, American Express Co, Discover Financial Services and JPMorgan Chase & Co all have paid fines to resolve allegations of unfair practices involving such products.

(Reporting by Emily Stephenson and Peter Rudegeair, Editing by Franklin Paul and Lisa Von Ahn)

By Emily Stephenson and Peter Rudegeair

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION 2.21% 31.02 Delayed Quote.23.17%
FIRST FINANCIAL CORPORATION 1.10% 43.23 Delayed Quote.6.50%
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Financials (USD)
Sales 2019 91 745 M
EBIT 2019 36 325 M
Net income 2019 25 510 M
Debt 2019 -
Yield 2019 2,13%
P/E ratio 2019 11,5x
P/E ratio 2020 10,4x
Capi. / Sales2019 3,07x
Capi. / Sales2020 3,08x
Capitalization 282 B
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Technical analysis trends BANK OF AMERICA CORPORATIO
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 32,91  $
Last Close Price 31,02  $
Spread / Highest target 41,8%
Spread / Average Target 6,08%
Spread / Lowest Target -9,74%
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Managers
NameTitle
Brian T. Moynihan Chairman, President & Chief Executive Officer
Catherine P. Bessant Co-COO & Chief Technology Officer
Thomas Kell Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
Thomas J. May Independent Director
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