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.
- Bank of America must 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.
BofA will need to refund $100 million to customers, pay $90 million in penalties to the Consumer Financial Protection Bureau and $60 million to the Office of the Comptroller of the Currency. “Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent,” said CFPB Director Rohit Chopra, in a statement. “These practices are illegal and undermine customer trust.
BofA has been cutting down on its reliance on overdraft fee revenue for more than a decade and cut how much it charges customers for an overdraft to $15 last year. Brian Moynihan, the bank’s CEO and chairman, told The Associated Press in 2022 that under these new policies, . The bank said that it voluntarily reduced overdraft fees and eliminated all non-sufficient fund fees in the first half of last year.
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