Bank of America fined for junk fees, opening accounts without authorization, CFPB says

📆 7/11/2023 4:32 PM
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Regulators on Tuesday ordered Bank of America to pay more than $250 million for doubling up on customer fees, withholding reward bonuses for credit card customers and opening accounts without authorization, according to the Consumer Financial Protection Bureau.

The fine includes more than $100 million to be paid to customers, $90 million in penalties to CFPB and $60 million in penalties to the Office of the Comptroller of the Currency, officials said.

Regulators said the bank had a policy of charging $35 after declining a customer’s transaction due to a lack of funds. Investigators with CFPB determined that customers were charged the fees repeatedly for the same transaction.

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Bank of America ordered to pay $250 mln for fake accounts, junk fees and withholding credit card rewardsThe Consumer Financial Protection Board (CFPB) said Tuesday that Bank of America Corp. to pay a total of $250 million for illegally charging junk fees,...
Source: MarketWatch - 🏆 3. / 97 Read more »