The Consumer Financial Protection Bureau accused Bank of America of knowingly harming customers and ordered the bank to pay millions in penalties because of it.
The Consumer Financial Protection Bureau ordered Bank of America to pay over $250 million over allegations it opened fake accounts, withheld credit card rewards and illegally charged junk fees in the latest scandal from the American bank that’s already paid millions in fines for illegal credit card practices....
Customers who did not have enough funds in their account would be charged a $35 fee if the bank had to decline a transaction according to Bank of America policy, but CFPB the bank allowed those fees to be repeatedly charged for the same transaction, letting it generate “substantial additional revenue by illegally charging multiple $35 fees.”special offers of cash and points when customers signed up for Bank of America credit cards were not honored for tens of thousands of consumers.
For more than 10 years, Bank of America employees illegally enrolled consumers in credit card accounts without consumers’ knowledge or authorization, the CFPB investigation alsoThis is not the first time Bank of America has been investigated for illegal practices. Last May, Bank of America had to pay $10 million in a civil penalty, after federal regulatorsthe bank unlawfully garnished the accounts of thousands of customers.
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