The bank will repay customers $100 million for allegedly imposing illegal fees and signing customers up for accounts without permission.
Bank of America has been fined over $250 million by the Consumer Financial Protection Bureau for allegedly imposing illegal fees and withholding promised rewards.
"Bank of America generated substantial additional revenue by illegally charging multiple $35 fees," the CFPB said. The CFPB said this practice has since been disbanded but"consumers were charged unjustified fees, suffered negative effects to their credit profiles, and had to spend time correcting errors."
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank of America fined $250 million for 'junk fees' and opening fake accountsThe Consumer Financial Protection Bureau announced Tuesday that Bank of America faces some major financial penalties over accusations the bank illegally opened bank accounts and improperly charged junk fees.
Read more »
Bank Of America Fined $250 Million Over Fake Accounts And Illegal Junk FeesThe Consumer Financial Protection Bureau accused Bank of America of knowingly harming customers and ordered the bank to pay millions in penalties because of it.
Read more »
Bank of America ordered to pay $250 mln for fake accounts, junk fees and withholding credit card rewardsThe Consumer Financial Protection Board (CFPB) said Tuesday that Bank of America Corp. to pay a total of $250 million for illegally charging junk fees,...
Read more »
Bank of America fined for junk fees, opening accounts without authorization, CFPB saysRegulators on Tuesday ordered Bank of America to pay more than $250 million for doubling up on customer fees, withholding reward bonuses for credit card customers and opening accounts without authorization, according to the Consumer Financial Protection Bureau.
Read more »
Bank of America ups price target on this little-known Inflation Reduction Act beneficiaryBank of America sees more upside in store for this under-the-radar beneficiary of reshoring trends and the latest government climate bill.
Read more »
Bank of America names American Express a top pick despite consumer headwindsBank of America is still bullish on American Express stock heading into second quarter earnings later this month.
Read more »