Capital One Financial Corp will reimburse about $775,000 to customers following an agreement with U.S. bank regulators over complaints of credit card account closing practices.
The practices occurred from 2004 through 2006 and involved the company's assessment of annual membership fees, the Office of the Comptroller of the Currency said on Thursday.
Capital One charged the fees on accounts with no outstanding balance owed after consumers had asked the bank to close the accounts, the agency said.
Capital One expanded its reimbursement beyond practices flagged by the OCC to include customers who paid off accounts within 90 days after requesting that the accounts be closed.
"This problem was the result of a systems issue that we fixed in 2006," Capital One said in a statement. "At the time, we refunded membership fees for many customers who contacted us directly but, in retrospect, we should have done so for an additional 3,400 customers, as well. We sincerely regret this error."
Grandpa:
You charged fees on accounts with no outstanding balance owed after customers asked you to close their account and you use the excuse that it was a system error! COF clearly believes their client base is about as intelligent as their commercials. Children have a better sense of right and wrong than the management of COF (a.k.a Con Or Fleece).
Then you have the audacity to sincerely regret this error!
Enjoy Your TARP Funded Dinner
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