News Update: Capital One (NYSE:COF) Reimburses $775,000 in Unfair Credit-Card Membership Fees

Capital One Financial Corp. (NYSE:COF) said Thursday that it is reimbursing approximately 18,000 customers $775,000 for annual credit-card membership fees after a regulator deemed some of them unfair.

Capital One charged annual fees totalling about $125,000 to customers who carried no balance and had previously requested their accounts be closed, the Office of the Comptroller of the Currency found.

A Capital One spokeswoman said in a statement, “We sincerely regret this error. The problem was the result of technical problem, and was fixed when Capital One converted its transaction processing system four years ago.”

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