Bank of America in $783m settlement

Bank of America has agreed to pay $783m in fines and refunds to settle accusations it misled customers about its credit card services. The bank will refund $738m to affected customers and pay $45m in penalties to US regulators. The payout relates to the bank's sales and marketing of its payment and identity theft protection add-on services from 2010 to 2012. Regulators said nearly three million customers were affected. The US Consumer Financial Protection Bureau said in a statement that the bank had been "unfairly billing consumers" for the identity theft protection product, and "using deceptive marketing and sales practices" for the credit protection add-ons. Bank of America neither admitted nor denied the allegations, according to BBC.