A separate $60 million fine has been ordered by the Office of the Comptroller of the Currency for violating laws around overdraft fees.ĬFPB Director Rohit Chopra said in a news release that Bank of America's double-dipping on fees, opening accounts without customer consent and withholding rewards "are illegal and undermine customer trust," practices he said the CFPB will put an end to across the banking system.īank of America's "double-dipping scheme"Īccording to the CFPB, Bank of America utilized a "double-dipping scheme" to "harvest junk fees" from customers. As a result, Bank of America was ordered to pay over $100 million to customers and another $90 million in penalties. The Consumer Financial Protection Bureau announced Tuesday that an investigation found that Bank of America harmed hundreds of thousands of customers across multiple product lines over a period of several years through a series of illegal practices. The bank is also on the hook for an additional $150 million in penalties for the same violations. Bank of America, one of the nation's largest banks, is being ordered to pay more than $100 million to customers and $150 million in fines for illegally charging customers for junk fees, fake accounts and withholding rewards.īank of America, the nation's second largest bank, has been ordered to pay more than $100 million to customers for double charging insufficient fund fees, withholding reward bonuses and opening accounts without customers' knowledge or permission.
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