Bank of America must reimburse customers more than $100 million for 'double-dipping' on overdraft fees, withholding cash rewards and opening fake accounts without customer consent.
Bank of America must pay more than $100 million to customers for doubling up fees, withholding rewards and opening accounts without customer consent.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.
"This could really hurt someone who is on a tight budget because these fees could, you know, add up to over hundreds of dollars a year," North Carolina financial advisor Conley Perry said. "This is been happening for a long time, and and it doesn't only affect the banking industry. I mean, we need to pay close attention to our credit card statements, bank statements, all those things.
Bank of America also offered people cash rewards and bonus points when signing up for a card, but the CFPB said the bank illegally withheld promised credit card account bonuses.
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