You Might Be Getting Money From Bank Of America

Bank of America has been ordered to pay its customers more than $100 million for "systematically double-dipping on fees imposed on customers with insufficient funds in their account, withholding reward bonuses explicitly promised to credit card customers, and misappropriating sensitive personal information to open accounts without customer knowledge or authorization," the Consumer Financial Protection Bureau (CFPB) announced in a news release shared on Tuesday (July 11).

The Office of the Comptroller of the Currency (OCC) also found that the bank was illegally double-dipping on fees. Bank of America will pay a total of $150 million in penalties, which includes $90 million to the CFPB and $60 million to the OCC.

“Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent,” said CFPB Director Rohit Chopra. “These practices are illegal and undermine customer trust. The CFPB will be putting an end to these practices across the banking system.”

Bank of America serves 68 million individuals and small business clients, making it one of the largest consumer financial services in the United States. The bank was reported to have had $2.4 trillion in consolidated assets and $1.9 trillion in domestic deposits as of March 31, 2023, making it the second-largest bank in the U.S., according to the CFPB news release.

Hundreds of thousands of consumers are reported to have been harmed by the bank's actions during a span of several years. The CFPB has the authority to take action against institutions in similar incidents in an effort to enforce consumer financial protection laws in adherence with the Consumer Financial Protection Act.