New York (Trends Wide) — Federal regulators on Tuesday accused Bank of America of harming customers by double charging fees, withholding credit card rewards and opening fake accounts.
The Consumer Financial Protection Bureau ordered Bank of America to pay more than $100 million to customers and $90 million in penalties. The Office of the Comptroller of the Currency also ordered Bank of America to pay $60 million in penalties.
Some of the allegations are reminiscent of the Wells Fargo scandal of the past decade, which saw millions of bank accounts opened without customer authorization.
“Bank of America improperly withheld credit card rewards, doubled fees and opened accounts without consent,” CFPB Director Rohit Chopra said in a statement. “These practices are illegal and undermine customer trust. The CFPB will end these practices throughout the banking system.”
Bank of America did not immediately respond to a request for comment.
News in development.
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New York (Trends Wide) — Federal regulators on Tuesday accused Bank of America of harming customers by double charging fees, withholding credit card rewards and opening fake accounts.
The Consumer Financial Protection Bureau ordered Bank of America to pay more than $100 million to customers and $90 million in penalties. The Office of the Comptroller of the Currency also ordered Bank of America to pay $60 million in penalties.
Some of the allegations are reminiscent of the Wells Fargo scandal of the past decade, which saw millions of bank accounts opened without customer authorization.
“Bank of America improperly withheld credit card rewards, doubled fees and opened accounts without consent,” CFPB Director Rohit Chopra said in a statement. “These practices are illegal and undermine customer trust. The CFPB will end these practices throughout the banking system.”
Bank of America did not immediately respond to a request for comment.
News in development.
