Bank of America reaped hundreds of millions of dollars by charging multiple fees to customers who did not have enough funds in their accounts from February 2018 until February 2022, the CFPB said.…
including overdraft and non-sufficient fund fees, it says lenders unfairly charge customers for banking services.
“These practices are illegal and undermine customer trust. The CFPB will be putting an end to these practices across the banking system,” CFPB director Rohit Chopra said in a statement. Under sales pressure or seeking rewards, Bank of America employees illegally applied for and enrolled consumers, without their knowledge, in credit card accounts from at least 2012, the CFPB said.The bank, based in Charlotte, NC, also failed to make good on cash rewards and bonus points promised to tens of thousands of credit card customers, according to the CFPB.
Bank of America said it voluntarily eliminated or reduced a range of fees last year. CEO Brian Moynihan is pictured above.In addition to paying penalties of $90 million to the CFPB and $60 million to the OCC, the bank agreed to update regulators on its compliance progress in a year. “We voluntarily reduced overdraft fees and eliminated all non-sufficient 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,” Bank of America said in a statement.
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