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The Boston Globe

Business

Discover will refund $200m to customers

Firm’s offers of credit protection called misleading

WASHINGTON — Discover Financial Services has agreed to pay $200 million in refunds to more than 3.5 million cardholders who bought credit-protection services over the phone, plus another $14 million in civil penalties to banking regulators.

The Consumer Financial Protection Bureau and the Federal Deposit Insurance Corp. jointly investigated Discover for deceptive telemarketing and sales practices, including misleading customers into thinking the services, like identity theft protection and credit score tracking, were free.

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