Ovunc Kutlu
11 July 2023•Update: 11 July 2023
ISTANBUL
The US Consumer Financial Protection Bureau (CFPB) announced Tuesday it ordered Bank of America to pay more than $250 million for illegally charging junk fees, withholding credit card rewards and opening fake accounts.
Bank of America will pay more than $100 million to customers for "systematically double-dipping on fees imposed on customers with insufficient funds in their account, withholding reward bonuses explicitly promised to credit card customers, and misappropriating sensitive personal information to open accounts without customer knowledge or authorization," the agency said in a statement.
The bank was also ordered to pay $90 million in penalties to the CFPB and $60 million in penalties to the Office of the Comptroller of the Currency, which found the bank’s "double-dipping on fees" was illegal.
"Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent," said CFPB Director Rohit Chopra. "These practices are illegal and undermine customer trust. The CFPB will be putting an end to these practices across the banking system."
