AMEX Duped Cardholders with Identity Protection Service; Ordered To Pay $75 Million In Settlement admin Tuesday, December 24, 2013 The Receipt, Your Money and You American Express has agreed to pay at least $75.7 million to stop an ongoing investigation into their identity theft protection service. The Federal Deposit Insurance Corporation (FDIC) claims that AMEX tricked cardholders into purchasing the service that didn’t last for two-years as stated. In the product agreement, the identity theft protection would last up to two years. Cardholders who purchased the product only received one to three months of service. Also, consumers who hadn’t completed the enrollment process were charged for the service anyway. AMEX has agreed to settle for $75.7 million. They have agreed to refund $59.5 million to its customers and $16.2 million in federal fines. This is why it is very important to read your contract agreements carefully and pay close attention to your monthly statements. You never know when banks or credit card companies are over-charging you.
