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US: Citibank ordered to pay customers $700mn for 'overcharging'

  • Citibank has been ordered to pay $700 million to American customers who were reportedly overcharged by the bank.

    The US Consumer Financial Protection Bureau has also charged Citibank $35 million in penalties linked to the overcharging and its use of “deceptive” marketing techniques.

    The payout will compensate about 8.8 million customers, the bureau said.

    Citibank has already made some payments. It said in a statement that affected customers will “automatically receive a statement credit or check”.

    Tagged as: Citibank, overcharged, Consumer Financial Protection Bureau, Citibank payout, Citibank customers, business news