Bank of America fined $150 million for ‘double-dipping’ on overdraft fees, withholding rewards

Birmingham is getting an amphitheater in UptownBham!

Bank of America will reimburse customers more than $100 million and pay $150 million in fines for “double-dipping” on overdraft fees, withholding reward bonuses on credit cards and opening accounts without customer consent.

Empowered by a broad mandate from the White House, Chopra and the bureau have focused heavily in the past year on the issue of "" — fees charged to Americans that are often seen as unnecessary or exploitative by banks, debt collectors, airlines and concert venues. Banks such as BofA, JPMorgan Chase, Wells Fargo and others have been a target for the bureau under the Biden administration.

The bank ended this practice last year, but will still have to repay customers who got charged before the policy was changed.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

aldotcom /  🏆 82. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bank of America Fined $150 Million for Overusing Overdraft FeesBank of America was double-dipping overdraft fees, withholding credit card bonuses, and opening illegal accounts under customers' names.
Read more »

Bank of America ordered to pay more than $100 million for double charging fees, withholding rewardsBank of America was ordered to pay more than $100M to customers for double-dipping on fees, opening accounts without consent and more.
Read more »

Bank of America order to refund customers for 'double-dipping' overdraft feesBank of America will reimburse customers more than $100 million and pay $150 million in fines for “double-dipping” on overdraft fees, withholding reward bonuses on credit cards and opening accounts without customer consent.
Read more »

Feds: Bank of America violated consumer protection rules by double charging customers - New York Amsterdam NewsFederal authorities announced on Tuesday, July 11, that Bank of America violated numerous consumer financial protection rules by double-charging customers, not distributing credit card rewards, and creating fraudulent accounts.
Read more »