Bank of America must pay more than $100 million to customers for doubling up on some fees, withholding reward bonuses and opening accounts without customer consent.
Combined, it is one of the highest financial penalties in years against Bank of America, which has largely spent the last 15 years trying to clean up its reputation and market itself to the public as a bank focused on financial health and not on overdraft fee income and financial trickery.
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.Sign up for NBC Philadelphia newsletters.
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