The bank has agreed to pay hundreds of thousands of customers for allegedly double-dipping on fees, withholding rewards and secretly opening accounts.
Bank of America has agreed to pay back hundreds of thousands of customers after being accused of double-dipping on fees, withholding promised credit card rewards and misappropriating customer information to open fake accounts.
On Tuesday, the Consumer Financial Protection Bureau ordered the nation's second-largest bank to pay more than $100 million to customers for allegedly charging fees repeatedly on the same transaction, failing to honor special offers and rewards, and enrolling consumers in credit cards without their knowledge or authorization to meet sales-based incentive goals.
The global bank serves 68 million people and small-business clients and offers extensive consumer financial services in the U.S. A customer uses an ATM outside of a Bank of America branch in Rolling Hills Estates, California, on March 13. The nation's second-largest bank has been ordered to pay more than $100 million to customers after accusations that it engaged in consumer abuses.As part of Tuesday's announcement, the CFPB ordered Bank of America to stop its repeated offenses and also to"compensate consumers charged unlawful non-sufficient funds fees and who have not already been made whole by the bank.
The bureau estimates that the bank owes a total of approximately $80.4 billion for the double-dipping on fees., a bank spokesperson said,"We voluntarily reduced overdraft fees and eliminated all nonsufficient fund fees in the first half of 2022. As a result of these industry-leading changes, revenue from these fees has dropped more than 90 percent.
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Bank of America ordered to pay more than $100 million for double charging fees, withholding rewardsBank of America was ordered to pay more than $100M to customers for double-dipping on fees, opening accounts without consent and more.
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