Chevy Chase Bank

July 31 2006

A class action lawsuit filed in 1999 alleged that Chevy Chase Bank charged higher interest rates on credit cards than it had promised. The bank increased interest rates above 24 percent, the maximum allowed under Maryland law. Chevy Chase Bank has agreed to pay about $16 million dollars to thousands of cardholders. According to the Federal Deposit Insurance Corp., Chevy Chase is Maryland's third-largest bank - by deposit share. (Jul-28-06) [ABC 7 NEWS]

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