Released: July 12, 2023

Bank of America fined for ‘junk Fees’ and fake accounts

Source: Emily Flitter, N.Y.Times (Paid Registration)

Bank of America withheld promised perks from some of its credit card customers, double-charged overdraft fees and secretly opened card accounts in customers’ names without their knowledge or consent, federal regulators said.

As part of the Consumer Financial Protection Bureau’s action, the bank will repay more than $80 million to customers who were improperly charged fees or denied sign-on bonuses, and will compensate customers who had cards opened in their names without their knowledge.

Read Full Article: Bank of America fined for ‘junk Fees’ and fake accounts