Federal regulators accused Bank of America on Tuesday of harming customers by double-dipping on fees, withholding credit card rewards and opening fake accounts.
The Consumer Financial Protection Bureau ordered Bank of America (BAC) to pay more than $100 million to customers and $90 million in penalties. The Office of the Comptroller of the Currency also ordered Bank of America (BAC) to pay $60 million in fines.
Some of the allegations are reminiscent of the Wells Fargo scandal last decade that involved opening millions of bank accounts without customer authorization.
“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.”
Read more at CNN.com
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