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Bank of America Fined $150 Million for Overusing Overdraft Fees

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Bank of America Fined $150 Million for Overusing Overdraft Fees and Opening Fake Accounts

multiple times after a declined transaction on a widespread basis

. The bank charged an account holder $35 if they didn’t have enough money in their account to cover a transaction, but the CFPB found that Bank of America was allowing the same transaction to go through more than once, charging an insufficient funds fee of $35 each time.

 

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