"Because of Bank of America's actions, consumers were charged unjustified fees, suffered negative effects to their credit profiles, and had to spend time correcting errors," said the CFPB.īank of America on Tuesday was ordered to over $80 million to compensate customers who were charged illegal junk fees, as well as customers who faced costs due to the bank opening unauthorized credit card accounts. The bank also enrolled customers in bogus credit card accounts without their knowledge, and in some cases, illegally pulled their credit reports to apply. Additionally, the company signed consumers up for credit cards with the promise of cash or points rewards, but illegally withheld the bonuses from "tens of thousands of consumers," said the CFPB. The North Carolina-based institution violated the Consumer Financial Protection Act, the Fair Credit Reporting Act and the Truth in Lending Act, according to the CFPB.ĭuring an investigation, the CFPB found that Bank of America charged customers a $35 insufficient funds fee multiple times for the same transaction. The bank has also been ordered to dish out $150 million in penalty fines to the CFPB and the Office of the Comptroller of the Currency. The bank was ordered to pay over $100 million to customers for doubling fees, enrolling them in credit card accounts without their consent and refusing to disburse credit card reward funds. Bank of America breached customer trust and violated several consumer protection laws, the Consumer Financial Protection Bureau said Tuesday.
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