As a result, the Consumer Financial Protection Bureau fined Bank of America $90 million and compelled the institution to pay more than $100 million to customers.Some of the accusations are reminiscent of the Wells Fargo debacle from a decade ago, which involved the creation of millions of unauthorized consumer bank accounts.
Following the CFPB investigation, Bank of America was found to have “harmed hundreds of thousands of consumers over a period of several years and across multiple product lines and services,” regulators asserted. If the customer’s account has insufficient funds or an overdraft, they were charged an additional $35.
The CFPB also claimed that the bank improperly withheld bonuses from tens of thousands of clients despite having made special offers of cash and points when signing up new credit card customers.