11 Investigates: Reasons Behind Bank Of America Settlement

More Video...
To join the conversation on this story and others, "like" our KKTV 11 News Facebook page!

We are working to learn more about a recent settlement involving Bank of America.

The bank has agreed to pay $772 million in fines and refunds.

It boils down to how the bank marketed some of its products.

Between 2010- 2012, Bank of America officials sold credit card debt cancellation products, and people bought them as protection in case they lost their job or became disabled.

The bank is accused of misleading customers about the real cost and benefits of those products.

Some customers also say they paid for identity theft protection services that they never received.

If you are a current customer of Bank of America, and you bought those products, you will get a credit on your account. If you are no longer a customer, expect a check in the mail.

A spokesperson for Bank of America tells 11 News, "We are committed to ensuring that our products and services are marketed and billed responsibly, including those marketed and billed by our vendors."

That spokesperson tells 11 News the bank stopped offering these products, more than a year ago.

KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.

If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.

powered by Disqus
KKTV 520 E. Colorado Colorado Springs, CO 80903 Office: (719) 634-2844 Fax: (719) 632-0808 News Fax: (719) 634-3741
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 255474771 - kktv.com/a?a=255474771
Gray Television, Inc.