Bank of America was fined $250 million this week for allegedly harming customers by double-dipping on fees, withholding credit card rewards and opening fake accounts. Of those fines, $100 million is set to go directly to consumers who were impacted.
Of those fines, $100 million is set to go directly to consumers who were impacted by the bank’s alleged wrongdoing. Some customers have already been compensated, according to the Consumer Financial Protection Bureau, one of the two government agencies that investigated Bank of America’s practices. But others may be waiting a while before they get the slice of money they’re owed.
That’s why he recommends calling Bank of America’s customer service line directly and asking if you were a victim. The CFPB also told CNN that later this month Bank of America will identify a point of contact for these inquiries that will be posted on the CFPB site. As part of the agreement Bank of America settled with the CFPB, it is also required to identify consumers who were harmed. But the CFPB did not provide CNN with a timeline of when the bank will be required to do so.
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