Promising consumers a service and then never delivering on that promise is not a good way to do business. When those services are meant to protect consumers’ bank accounts, then you’re likely going to be in trouble with the Consumer Financial Protection Bureau. Such was the case today when the CFPB ordered U.S. Bank to pay more than $57 million in refunds and penalties for allegedly deceptive banking practices.

The Consumer Financial Protection Bureau announced Thursday that U.S. Bank would pay $48 million in refunds to consumers, a $5 million penalty to the CFPB and a $4 million penalty to the Treasury Department.

According to the CFPB, from 2004 to 2012 U.S. Bank charged about 420,000 customers for credit cards, mortgage loans and checking account add-on products.

U.S. Bank allegedly told customers that the services, known as Privacy Guard and Identity Secure, would monitor accounts for fraud and identity theft. However, the CFPB alleges that monitoring never actually happened.

While the products were marketed by U.S. Bank, a third-party company, called Affinion, was responsible for selling, providing and billing for the services.

Officials with U.S. Bank say they ended their relationship with Affinion in 2011 when they learned of the issues.

Thursday’s action against U.S. Bank is the seventh in which the CFPB has gone after deceptive banking practices and illegal billing.

Back in April, the Bureau ordered Bank of America to refund consumers $727 million for deceptive marketing practices related to credit card add-on products.

And in 2012, Capital One was the subject of the CFPB’s  first major enforcement action for its misleading credit card add-ons. That action resulted in $140 million in refunds to consumers.

CFPB Orders U.S. Bank to Pay $48 Million Refund to Consumers Illegally Billed for Services Not Received [CFPB]

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