Bank of America Corp. agreed to pay $150 million in fines and $100 million to customers for improperly charging extra fees, withholding rewards and opening...
Bank of America is the third-largest financial institution in Texas with just under $190 billion in assets as of March 31,Only Charles Schwab and JPMorgan Chase manage more assets in Texas.
The consumer-protection agency found that Bank of America charged consumers a $35 overdraft fee and then “double-dipped” by allowing fees to be charged repeatedly for the same transaction, according to the statement. That allowed the bank to generate “substantial additional revenue,” the bureau said.Bank of America said in an emailed statement that it “voluntarily reduced overdraft fees and eliminated all non-sufficient fund fees in the first half of 2022.
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