ADVFN - Advanced Financial Network.
HOME» NYSE » C » COF Stock Price » COF Stock News

Capital One Share News

 Capital One Financial Corp Stock Price
COF Stock Price
 Capital One Financial Corp Stock Chart
COF Stock Chart
 Capital One Financial Corp Stock News
COF Stock News
 Capital One Financial Corp Company Information
COF Company Information
 Capital One Financial Corp Stock Trades
COF Stock Trades

Capital One Offers Refunds Over Sales Tactics

By Andrew R. Johnson Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Capital One Financial Corp. (COF) is setting aside $75 million for customer refunds stemming from employees who violated company policy when selling products to credit cardholders over the phone, its top executive said Thursday. Richard Fairbank, chairman and chief executive of Capital One, said it is offering refunds to customers who bought certain products "over the past couple of years." Some sales employees "didn't adhere to our scripts and sales policy when cross selling products to our credit-card customers," Fairbank told analysts during an earnings conference call. Fairbank didn't say how many customers would be offered refunds, how the employees in question violated company policy or when the violation occurred. A Capital One spokeswoman didn't immediately return a call for comment Thursday night. The policies and scripts are in "place to ensure that our sales practices meet our standards and unfortunately this didn't happen in some cases," Fairbank said. "It's very important that we make sure that all of our customers have bought the products in the context that we exactly intended when we were selling." Capital One is the fifth-largest credit-card issuer in the U.S. by spending, according to the Nilson Report, a payments-industry newsletter. Credit-card issuers have been hit with lawsuits in recent years over the sale of add-on services including identity-theft monitoring, payment protection, which is advertised as a way to help consumers in the event of a job loss or other hardship event, and other products. Such services typically carry monthly fees. The state of Hawaii last week said it filed lawsuits against seven credit-card lenders, alleging they enrolled customers in such services without their permission or used misleading sales tactics when pitching the products over the phone. The seven issuers are Bank of America Corp. (BAC), Barclays PLC (BARC.LN) Capital One, J.P. Morgan Chase & Co. (JPM), Citigroup Inc. (C), Discover Financial Services (DFS) and HSBC Holdings PLC (HBC). Capital One is acquiring HSBC's U.S. credit-card business. Discover has disclosed a probe by the Federal Deposit Insurance Corp. and Consumer Financial Protection Bureau over its marketing of payment protection and other fee-based services. The regulators are likely to take a joint enforcement action against the credit-card issuer, the cost of which could exceed $100 million, Discover said in January. Capital One's shares were up 1.6% at $54.77 in after-hours trading after reporting strong first-quarter earnings. -By Andrew R. Johnson, Dow Jones Newswires; 212-416-3214; andrew.r.johnson@dowjones.com

Stock News for Capital One (COF)
DateTimeHeadline
05/04/201509:00:00Major Corporations Team Up to Support Small Businesses Across...
05/04/201507:00:00Small Business Optimism At Five-year High Since Great Recession...
04/30/201509:44:00Capital One Announces Dividend Increase
04/29/201515:49:00Ohio State, Stanford Lead the Capital One Cup Winter Standings
04/29/201506:29:52Financial Giants Set Up Tech Hubs in Manhattan
04/26/201511:09:02Capital One's Biggest Strength Is Also Its Biggest Weakness
04/25/201513:11:02The Ugly Truth Behind the Student Loan Crisis
04/24/201517:17:00Lerner Announces Capital One To Open 136,000 Square Foot Office...
04/24/201507:30:42Nomura Reaffirms Neutral Rating for Capital One Financial Corp...
04/24/201503:14:52FBR & Co. Lowers Capital One Financial Corp. to Market Perform...
04/23/201517:13:20Capital One Reports Net Income of $1.15 Billion in First Quarter--Update
04/23/201516:48:29Capital One Reports Net Income of $1.15 Billion in First Quarter
04/23/201516:08:36Current Report Filing (8-k)
04/23/201516:05:00Capital One Reports First Quarter 2015 Net Income of $1.2 billion...
04/21/201520:15:03What Is a Student Card?
04/21/201509:00:00Capital One and Uber Partner to Bring Simplicity and Savings...
04/21/201507:13:03What Is a Secured Card?
04/15/201521:19:02What Is a Rewards Card?
04/15/201518:40:08Target Reaches $19 Million Settlement with MasterCard
04/15/201518:33:01Target Reaches $19 Million Settlement with MasterCard Over Breach

Capital One and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad