Bank of America Faces Massive Fines for Fake Accounts and Illegal Fees
TL;DR Summary
Bank of America has been accused by federal regulators of engaging in harmful practices such as double-dipping on fees, withholding credit card rewards, and opening fake accounts without customer consent. The Consumer Financial Protection Bureau has ordered the bank to pay over $100 million to customers and $90 million in penalties, while the Office of the Comptroller of the Currency has imposed an additional $60 million in fines. These allegations echo the Wells Fargo scandal and the CFPB aims to put an end to such practices in the banking system.
Topics:business#bank-of-america#consumer-financial-protection-bureau#fake-accounts#fees#finance#penalties
- Bank of America accused of opening fake accounts and charging illegal junk fees CNN
- Bank of America accused of opening fake accounts, charging junk fees WGAL Susquehanna Valley Pa.
- CFPB Takes Action Against Bank of America for Illegally Charging Junk Fees, Withholding Credit Card Rewards, and Opening Fake Accounts Consumer Financial Protection Bureau
- Bank of America to pay more than $100M for doubling fees, opening accounts without customer consent The Independent
- Bank of America Ordered to Pay $250 Million Over Wrongful Fees, Fake Accounts The Wall Street Journal
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