07/11/2023

Bank of America Will Repay Customers $100 Million

It also will pay $150 million in fines for 'double-dipping' fees

Bank of America (BofA) will reimburse customers more than $100 million and pay $150 million in fines for "double-dipping" on overdraft fees, withholding reward bonuses on credit cards and opening accounts without customer consent.

Combined, it is one of the highest financial penalties in years against BofA, which has largely spent the last 15 years trying to clean up its reputation and market itself to the public as a bank focused on financial health and not on overdraft fee income and financial trickery.

BofA must refund $100 million to customers, pay $90 million in penalties to the Consumer Financial Protection Bureau and $60 million to the Office of the Comptroller of the Currency. “Bank of America wrongfully withheld credit card rewards, double-dipped on fees and opened accounts without consent,” said CFPB Director Rohit Chopra, in a statement. “These practices are illegal and undermine customer trust."

Please select this link to read the complete article from WBNS-10TV.