Bank of America on Tuesday agreed to pay $250 million in fines and compensation to settle claims the bank systematically double-charged customers fees, withheld promised credit card perks, and opened accounts without customer authorization.
Bank of America on Tuesday agreed to pay $250 million in fines and compensation to settle claims the bank systematically double-charged customers fees, withheld promised credit card perks, and opened accounts without customer authorization.
Bank of America agreed to pay $100 million in restitution to harmed consumers and another $150 in civil penalties after the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency said the bank violated a number of laws beginning in 2012.
Bank of America reaped hundreds of millions of dollars by charging multiple fees to customers who did not have enough funds in their accounts from February 2018 until February 2022, the CFPB said in a statement.
