$3 Million Later: When Six Months Free Interest Isn’t
Bank of Lake Mills in Wisconsin was hit by the FDIC for unfair and deceptive practices in conjunction with its affiliated parties, Freedom Stores and Military Credit Services. The bank charged interest to consumers who paid off their loans in six months when the loans were promoted as six-month interest free. It also sold add-on productions without clearly disclosing the terms of those productions. The order includes $3 million in restitution and a penalty of $151,000. [5/12/17]
