Citibank has agreed to refund an estimated $700 million to about 8.8 million credit card customers for deceptive marketing, billing and other illegal practices, federal regulators said Tuesday.
In addition to the refunds, Citibank was fined a total of $70 million by the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, which regulates national banks.
The consumer bureau has been cracking down on deceptive marketing and billing practices by credit card issuers of so-called add-on products, such as identity theft monitoring and protection programs that cover payments if a person loses a job or is seriously injured.