Bank of America Ordered to Repay $250M in Penalties and Fines

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The Consumer Financial Protection Bureau ordered Bank of America to repay $100 million to customers and $90million in penalties. They were also ordered by the Comptroller of Currency to pay $60 million in fines. 

This comes after federal regulators found that the bank cheated customers by charging extra overdraft fees, withholding credit card rewards, and opening unauthorized credit card accounts.

“Bank of America wrongfully withheld credit card rewards, double-dipped on 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 be putting an end to these practices across the banking system.”

According to the CFPB, hundreds of thousands of customers were affected throughout the United States, and tens of millions of dollars in extra fees were charged.