11 Investigates: Reasons Behind Bank Of America Settlement

By: Sarah Schwabe Email
By: Sarah Schwabe Email
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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.

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