Thursday, 15 May 2014 17:23

Which Mega-Banks Have Been Fined Millions for Bad Practices?

Make that billions. Find out which mega-banks have paid out the most for the damage they’ve caused to people and the economy.

Short quiz! Answers below.

 

1. Which major credit-card issuer*  has refunded approximately $144.5 million to 585,000 customers for deceptive marketing regarding add-on products like payment protection and credit monitoring, as well as charging unlawful late fees to customers' accounts?

2. Which mega-bank* not only paid $1.32 billion to Fannie Mae and Freddie Mac for wrong-doing related subprime mortgages, but also was forced to reimburse customers $203 million for organizing debit charges from highest to lowest, rather than chronologically, to collect excess revenues from overdraft fees?

3.
Which mega-bank* has paid more than $15 billion since 2007 to settle claims related to the financial crisis, including $11.6 billion to Fannie Mae in 2012 to resolve repurchase claims related to bad mortgages between 2000 and 2008.

Find more like this from our new scorecard »

Does your credit card support the bad behavior of a mega-bank? Whether you have company cards or you’re using your own card as a sole proprietor, your charges might be working against your values. If one of these mega-banks is bringing in those fees, it’s time to find a new card. But with so many options out there, how do you find a greener way to use credit?

Our Take Charge of Your Card campaign is here to help with greener credit cards.

Find credit cards from community development banks and credit unions »

*The answers! 1. American Express, 2. Wells Fargo, 3. Bank of America



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