The $250 million sum includes $100 million in redress to affected customers, regulators said.
Federal regulators have ordered Bank of America to pay $100 million to customers for allegedly mistreating them with unfair fees, withholding credit-card rewards, and opening fake accounts.
“Depending on the circumstances of the consumer, Bank of America will deposit funds into the consumer’s deposit account or will send the consumer a check,” a CFPB spokesperson told MarketWatch. “‘Depending on the circumstances of the consumer, Bank of America will deposit funds into the consumer’s deposit account or will send the consumer a check.’”
“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%,” a bank spokesperson said.A fee for insufficient funds is tied to a bounced payment. Overdraft fees can kick in when banks cover transactions even though there’s not enough money to cover it. Bank of America reduced its overdraft fee to $10 from $35 last May.
The bank has already paid approximately $23 million to the customers who were hoping for credit-card sign-up bonuses, the CFPB added.
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