Bank of America was ordered to pay more than $100M to customers for double-dipping on fees, opening accounts without consent and more.
July 11, 2023, 10:45 AMCustomers use the ATM at a Bank of America branch in lower Manhattan, July 18, 2017, in New York City.Bank of America was ordered to pay more than $100 million to customers for double-charging accounts with insufficient funds, denying reward payments to credit card holders and using personal data to open accounts without a client’s knowledge, the Consumer Financial Protection BureauThe second-largest U.S.
Customers use the ATM at a Bank of America branch in lower Manhattan, July 18, 2017, in New York City.In a statement to ABC News, Bank of America said it no longer charges the fee for insufficient funds. In another alleged practice, Bank of America offered cash and points for customers who signed up for a credit card in an effort to compete with rival banks, the CFPB said. In turn, the company illegally withheld the bonuses from “tens of thousands of customers,” the agency added.
In 2014, the CFPB ordered Bank of America to pay $727 million in redress to its victims for illegal credit card practices.
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