Citigroup is planning to refund $335 million to customers, with an average refund of $190, which includes interest owed.
Citigroup is planning to refund $335 million to customers, with an average refund of $190, which includes interest owed. The bank, apart from this, will reduce its account balance as is required.
The goof-up came to light during an internal review mandate under the Credit Card Accountability Responsibility and Disclosure (CARD) Act. The legislation forces banks to review accounts of customers, whose annual percentage rates have increased.