Credit card customers may have paid bills they didn't owePosted: Updated:
Some of America's largest banks are under investigation again.
This time they're accused of bad bookkeeping, that may have cost credit card customers millions of dollars.
Bank of America, JPMorgan Chase, Citigroup and Wells Fargo are the subject of an investigation to determine whether the banks helped debt collectors pursue bogus judgements against credit card holders, according to an article from Reuters.com.
The nation's biggest banks are accused of poor record keeping, failing to provide accurate information to collection agencies, and not providing evidence that the borrowers owed money.
John Fisher is a senior vice president with Money Management International, a nonprofit organization that helps people in debt.
He says said that debt collectors will often put a lot of pressure on people to pay up, so it's not unreasonable to think that some consumers will pay money they don't owe just to make the collectors go away.
"Just the effort for consumers to learn what their rights are, and then go pursue their rights is challenging for them," said Fisher. "In some cases they simply make the decision that this is too much for me, and they are just going to pay it even when they don't need to. That might be their best economical decision, even when its not the right one."
If you want more information on your rights and credit counseling available, visit www.moneymanagement.org
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