Banks such as BofA, JPMorgan Chase, Wells Fargo and others have been a target for the bureau under the Biden administration. “These practices are illegal and undermine customer trust.”Įmpowered by a broad mandate from the White House, Chopra and the bureau have focused heavily in the past year on the issue of " junk fees " - fees charged to Americans that are often seen as unnecessary or exploitative by banks, debt collectors, airlines and concert venues.
“Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent,” said CFPB Director Rohit Chopra, in a statement.
NEW YORK (AP) - Bank of America will reimburse customers more than $100 million and pay $150 million in fines for “double-dipping” on overdraft fees, withholding reward bonuses on credit cards and opening accounts without customer consent.Ĭombined, it is one of the highest financial penalties in years against Bank of America, which has largely spent the last 15 years trying to clean up its reputation and market itself to the public as a bank focused on financial health and not on overdraft fee income and financial trickery.īofA must refund $100 million to customers, pay $90 million in penalties to the Consumer Financial Protection Bureau and $60 million to the Office of the Comptroller of the Currency.
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