American Express to pay customers $85M

(CNN) - After being charged with deceiving its customers, American Express will pay back $85 million.

The refund goes to 250,000 AmEx customers who will be contacted and reimbursed by the company. The reason: the company illegally charged late fees, promised non-existent $300 rewards and discriminated against applicants over the age of 35.

The group behind the investigation is the Consumer Financial Protection Bureau which was launched last year. This is the third major case they've charged.

Last week, the consumer group struck a deal with Discover to refund $200 million to customers. In July, Capital One agreed to refund $140 million to customers for misleading cardholders.

Customers do not need to take action to get credited or to receive a check.