Bank of America must pay more than $100 million to customers for double-dipping on some fees, withholding reward bonuses and opening accounts without customer consent.
File - A customer uses an ATM at a Bank of America location in San Francisco, Monday, April 24, 2023. Bank of America is being ordered to pay more than $100 million to customers for double-dipping on some fees imposed on customers, withholding reward bonuses explicitly promised to credit card customers, and misappropriating sensitive personal information to open accounts without customer knowledge or authorization.
Bank of America will pay $90 million in penalties to its organization and $60 million in penalties to the OCC, the Consumer Financial Protection Bureau said Tuesday.Bank of America, based in Charlotte, North Carolina, serves 68 million people and small business clients. The bank had $2.4 trillion in consolidated assets and $1.9 trillion in domestic deposits as of March 31, making it the second-largest bank in the U.S.
Since at least 2012, Bank of America employees illegally applied for and enrolled consumers in credit card accounts without their knowledge or authorization, the CFPB said.opened millions of unauthorized bank accounts“Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent," said CFPB Director Rohit Chopra said in a prepared statement. “These practices are illegal and undermine customer trust.
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