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Citibank has agreed to pay a total of $770 million for deceptive marketing and billing practices regarding credit cards. Unlike the deal with JPMorganChase, where most of the money went to the government in fines, $700 million of the Citibank deal will go to consumers who were impacted, and $70 million will be paid in fines.
“Affected customers will automatically receive a statement credit or check and those no longer with Citi who are eligible will be mailed a check,” Citi said.
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Source: Citi To Pay $700 Million To Consumers Over Illegal Credit Card Practices – Forbes
