Citibank has agreed to pay $4.2 million to resolve allegations that it overcharged credit card interest for about 25,000 customers in Iowa and four other states.As a result of the settlement, the bank will refund $216,325 to 1,407 Iowa customers, according to a news release from Iowa Attorney General Tom Miller’s office.The average Iowa refund will be $153.75.New York City-based Citibank has branches throughout the Corridor.The other states involved in the settlement were Massachusetts, New Jersey, North Carolina and Pennsylvania.“The investigation arose from Citibank’s failure, from February 2011 to August 2017, to properly reevaluate and reduce the annual percentage rate, or APR, for certain consumer credit card accounts consistent with the requirements of the Credit Card Accountability Responsibility and Disclosure Act of 2009,” the release said.
Comment on Citibank to refund Iowa customers for credit card overcharges
The Gazette, The Gazette (Cedar Rapids)
Mon, 02/08/2021 - 9:35am
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