Why one major bank is refunding more than $330 million to customers

Some Citi credit cardholders can expect a sizable refund after the bank discovered it had been overcharging certain customers for several years.

Citigroup, one of America's largest banks, announced Friday that it would issue more than $330 million in refunds to nearly 2 million credit card accounts. According to the company, the average refund will be approximately $190 including interest.

The refunds are tied to interest rates that should have gone down as customers made payments on time.

Those impacted can expect to receive further information from the bank later this year.