The CFPB will be putting an end to these practices across the banking system.”īank of America (NYSE:BAC) is a global, systemically important bank serving 68 million people and small business clients, and has one of the largest coverages in consumer financial services in the country. “These practices are illegal and undermine customer trust. “Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent,” said CFPB Director Rohit Chopra. Bank of America will pay a total of $90 million in penalties to the CFPB and $60 million in penalties to the OCC. The Office of the Comptroller of the Currency (OCC) also found that the bank’s double-dipping on fees was illegal. ![]() – Today, the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to pay more than $100 million to customers for systematically double-dipping on fees imposed on customers with insufficient funds in their account, withholding reward bonuses explicitly promised to credit card customers, and misappropriating sensitive personal information to open accounts without customer knowledge or authorization. Be wary about receiving one from someone you don't know, and don't spend the cash from money orders you deposit in the bank until you know the bank was able to cash them.WASHINGTON, D.C.
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