Regulators 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.
The fine includes more than $100 million to be paid to customers, $90 million in penalties to CFPB and $60 million in penalties to the Office of the Comptroller of the Currency, officials said.
Regulators said the bank had a policy of charging $35 after declining a customer’s transaction due to a lack of funds. Investigators with CFPB determined that customers were charged the fees repeatedly for the same transaction.
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