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Does Your Credit Card Support Bank Fraud?

Over the past several years, mega-banks have paid billions of dollars in fines and penalties for abusive actions that harmed millions of Americans and caused trillions of dollars’ worth of damage to the economy.

While these fines and penalties in no way really punish the banks for their actions, they give a sense of how egregious this type of conduct is.

Community development banks and credit unions, by comparison, rarely ever pay fines and penalties, and when they do, they are very small.


Download this scorecard as a PDF »

Bank

Grade

Total Paid Fines and Penalties

Percentage Returned to Customers
(since 2012)

Albina

albinabank.com

A

$0

Beneficial State Bank

beneficialstatebank.com

A

$0

Permaculture

permaculturecu.org

A

$0

Southern Bancorp

banksouthern.com

A

$0

Hope Credit Union

hopecu.org

A-

$23,636

100%

Discover

discover.com

B

$214
Million

93%

American Express

americanexpress.com

C

$188.2 Million

77%

Capital One

capitalone.com

C

$430.8 Million

84%

US Bank

usbank.com

C

$108
Million

51%

Citigroup

citigroup.com

D

$2.54 Billion

0%

Wells Fargo

wellsfargo.com

D

$1.52 Billion

13%

Bank of America

bankofamerica.com

F

$24.08 Billion

2%

Chase

chase.com

F

$22.02 Billion

20%

 

 

Details on Banks Paying Fines & Penalties for Consumer Fraud

 

Bank

Total Paid Fines and Penalties

Fines &
Settlements Paid to Government

Amount Returned to Customer (since 2012)

Notes, Fines, and Penalties

Sources

American Express

americanexpress.com

$188.2 Million

$43.7
Million

$144.5
Million

Since October 2012, American Express has refunded approximately $144.5 million to 585,000 customers for deceptive marketing of products like payment protection and credit monitoring and for charging unlawful late fees.

http://tinyurl.com/lk3l2uy

http://tinyurl.com/mby4x5n

Bank of America

bankofamerica.com

$24.08 Billion

$23.64
Billion

$442 Million

Bank of America has paid over $15 billion since 2007 to settle claims related to the financial crisis, including $11.6 billion to Fannie Mae in 2012 to resolve repurchase claims related to bad mortgages between 2000 and 2008.

http://tinyurl.com/lkjo7at

http://tinyurl.com/ku9g6wh

http://tinyurl.com/7uvbpnr

http://tinyurl.com/ko3ml7y

http://tinyurl.com/kseugnv

Capital One

capitalone.com

$430.8 Million

$70
Million

$360.8
Million

Capitol One paid $210 million to the Consumer Financial
Protection Bureau in 2012 to reimburse customers whom they deceptively charged for unnecessary services like credit monitoring, often targeting unemployed people and those with poor credit.

http://tinyurl.com/73lzk3p

http://tinyurl.com/lhfrk6o

http://tinyurl.com/lx2b33q

Chase

chase.com

$22.02 Billion

$17.04
Billion

$4.5
Billion

JP Morgan Chase’s largest fine, regarding their role in the 2008
Financial Crisis, totaled nearly $13 billion – or almost triple the amount paid by BP for the Deepwater Horizon oil spill in the Gulf

of Mexico in 2010.

http://tinyurl.com/k2583sx

http://tinyurl.com/m9t2sbt

http://tinyurl.com/kfb54ay

http://tinyurl.com/luwlxln

http://tinyurl.com/mzb578r

http://tinyurl.com/k8d4bj9

Citigroup

citigroup.com

$2.54 Billion

$2.54
Billion

$0

In 2013, Citi paid almost $1 billion to Fannie Mae for claims on nearly 3.7 million subprime mortgages it sold.

http://tinyurl.com/mcjbhxh

http://tinyurl.com/md9b4ta

http://tinyurl.com/lyjrtkd

http://tinyurl.com/lp45bxx

Discover

discover.com

$214
Million

$14
Million

$200
Million

Discover reimbursed customers nearly $200 million in 2012 for telemarketing products like payment protection and credit score tracking, failing to disclose the full costs of these products.

http://tinyurl.com/lx2b33q

Hope Credit Union

hopecu.org

$23,636

$0

$23,636

Three Hope Credit Union ATMs in Memphis, TN failed to disclose withdrawal fees on the outside of the machines, in violation of the Electronic Funds Transfer Act.

http://tinyurl.com/lr8k7no

US Bank

usbank.com

$108
Million

$53
Million

$55 Million

US Bank paid $53 million to Freddie Mac over subprime mortgages and reimbursed customers $55 million for illegally charging overdraft fees.

http://tinyurl.com/lpeat3s

http://tinyurl.com/lv2x9s7

Wells Fargo

wellsfargo.com

$1.52 Billion

$1.32
Billion

$203
Million

Wells Fargo paid $1.32 billion to Fannie Mae and Freddie Mac over subprime mortgages in 2013 and reimbursed customers $203 million for illegally charging overdraft fees.

http://tinyurl.com/k57wu5v

http://tinyurl.com/m73l7fn

 


Take Action Today!

1. Dump your mega-bank credit card, and get a card with a responsible bank or credit union.

2. Move your checking and savings accounts to community development banks and credit unions that are supporting people and the planet. Find hundred of options at BreakUpWithYourMegaBank.org.

3. Take action to tell Eric Holder to crack down on bank fraud.