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Wednesday, April 7, 2010 as of 11:14 AM ET

Richard Fairbank

Richard Fairbank founded Capital One with Nigel Morris in 1988, and is currently the Chairman and CEO.

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Capital One Offers Customers Refunds Over Sales Tactics

Capital One Financial Corp.

(COF) is setting aside $75 million for customer refunds stemming from outside sales agents 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 salespeople "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.A spokeswoman for Capital One said the salespeople in question were from outsourced vendors and weren't employees of Capital One.Fairbank didn't say how many customers would be offered refunds, how the sales agents in question violated company policy or when the violation occurred.The policies and scripts are in "place to ensure that our sales practices meet our standards and unfortunately this didn't happen in ...

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  1. Capital One 2Q Net Jumps 50%, Tops View

    Profits at Capital One Financial (NYSE:COF) soared by a stronger-than-expected 50% in the second quarter as the financial services company continues to capitalize on...

  2. Capital One to Buy ING's U.S. Online Bank for $9B

    Capital One Financial (NYSE:COF) has won the auction for ING Direct, agreeing to pay Dutch lender ING Groep $9 billion in cash and stock for the online U.S. bank.The...

  3. Capital One Quarterly Profit Gets Boost From Deposits

    Shares of Capital One (NYSE:COF) climbed nearly 5% Thursday morning after the card lender revealed a stronger first-quarter profit, lifted by an improving credit env...

  1. Capital One Offers Refunds Over Sales Tactics

    Capital One Financial Corp. (COF) is setting aside $75 million for customer refunds stemming from employees who violated company policy when selling products to cred...

  2. Capital One Completes Acquisition Of ING Direct

    Capital One Financial Corp. (COF) said Friday that it completed its acquisition of ING Direct USA from ING Groep NV (ING, INGA.AE).Terms of the deal remain the same ...

  3. Federal Reserve Board Approves Capital One Plan To Buy ING Bank

    The U.S. Federal Reserve Board, after building suspense by delaying a decision twice in a week, unanimously approved Capital One Financial Corp.'s (COF) controversia...

  4. Credit-Card Spending Makes A Comeback As Confidence Rises

    Consumers' aversion to credit cards seems to be waning.Revolving credit is rising, and many credit-card issuers have revved up marketing in hopes of winning new cust...

  5. Jesse Jackson, Groups Criticize Capital One On Credit Cards

    WASHINGTON -( Dow Jones )- Rev. Jesse Jackson and other critics took aim at Capital One Financial Corp.'s (COF) business model Tuesday, arguing that the bank's credi...

  6. Fed tested on "too big to fail" in merger review

    By Alexandra AlperWASHINGTON (Reuters) - Consumer groups will try to convince the Federal Reserve this week that rubber stamping the Capital One Financial Corp <COF....

  7. Capital One Buys HSBC Credit-Card Arm in $32.7B Deal

    Capital One (NYSE:COF) unveiled plans on Wednesday to scoop up the U.S. credit card operations of British lender HSBC (NYSE:HBC) for a premium of about $2.6 billion....

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