Bank of America on Tuesday agreed to pay $250m in fines and compensation to settle claims that the bank systematically double-charged customers fees, withheld promised credit card perks, and opened accounts without customer authorisation.Bank of America agreed to pay $100m in restitution to harmed consumers and another $150m in civil penalties after the Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC) said the bank violated a number of United States 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. Consumers could not reasonably expect or understand they would be hit with $35 fees each time the bank declined to pay a single transaction, regulators said.
Load More
Load More