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Reporting

Bank of America Ordered to Pay $250 Million for ‘Junk Fees,’ Withholding Rewards, False Accounts

Bank of America is being fined millions of dollars by the Consumer Financial Protection Bureau (CFPB). According to a statement released by the CFPB Tuesday, Bank of America is being held liable for allegedly “Illegally…

Jessica Marie Baumgartner·Jul 11, 2023·2 min read

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Bank of america is being fined millions of dollars by the Consumer Financial Protection Bureau (CFPB).

According to a statement released by the CFPB Tuesday, Bank of america is being held liable for allegedly “Illegally Charging Junk Fees, Withholding Credit Card Rewards, and Opening Fake Accounts.”

The customers involved will receive $100 million in damages for being double charged banking fees, denied rewards bonuses, and having their personal information misappropriated by Bank of america to open accounts without their knowledge.

Bank of america was charging $35 overdraft fees for multiple transactions. They have also been found withholding special bonuses promised to credit card holders.

In addition, since 2012, Bank of america employees have illegally applied for credit cards under customer names without authorization in order to reach sales-based incentives and goals, which have now been disbanded.

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Bank of America Ordered to Pay $250 Million for ‘Junk Fees,’ Withholding Rewards, False Accounts — IJR

CFPB Director Rohit Chopra said: “Bank of america wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent. These practices are illegal and undermine customer trust. The CFPB will be putting an end to these practices across the banking system.”

The bank is also ordered to pay $90 million in penalties to the CFPB, as well as $60 million to the Office of the Comptroller of the Currency (OCC).

This has caused Bank of America to trend on Twitter.

Chief White House Correspondent Simon Ateba posted the news and wrote, “Shades of the Wells Fargo scandal resurface.”

Senior Political Advisor Aaron Black responded, “Bank of america got caught opening credit card accounts for customers who did not authorize them to open these accounts and nobody is going to jail. Who else has a problem with this?”

User Troy Richison compared Bank of america’s multi-billion dollar income with these penalties. He wrote, “That is .55% of their net income. That is not even a slap on the wrist.”