Bank of America (BOA) will pay more than $100 million to customers after being accused of double-dipping on some fees, withholding reward bonuses and opening accounts without customer consent.
The company will pay $90 million in penalties to the Consumer Financial Protection Bureau (CFPB) along with $60 million in penalties to the Office of the Comptroller of the Currency (OCC), according to a news release.
Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent,” said CFPB Director Rohit Chopra. “These practices are illegal and undermine customer trust. The CFPB will be putting an end to these practices across the banking system.
CFPB accused Bank of America of double-dipping by charging customers $35 after the bank declined a transaction because the customer did not have enough funds in their account, withholding promised credit card account bonuses, failing to honor rewards promises and denying sign-up bonuses to consumers due to the failure of BOA's business processes and systems.
CFPB accused Bank of America of double-dipping by charging customers $35 after the bank declined a transaction because the customer did not have enough funds in their account, withholding promised credit card account bonuses, failing to honor rewards promises and denying sign-up bonuses to consumers due to the failure of BOA's business processes and systems.... Read More: FOX45
