Bank of America ordered to pay over $100 million over junk fees, rewards and unauthorized accounts
Company: Bank of America Corporation
Summary
The CFPB found Bank of America repeatedly charged NSF fees on the same transaction, withheld promised credit-card rewards and opened some credit-card accounts without consumer consent. The 2023 actions required more than $100 million in consumer redress and $150 million in CFPB and OCC penalties. Source: https://www.consumerfinance.gov/archive/newsroom/bank-of-america-for-illegally-charging-junk-fees-withholding-credit-card-rewards-opening-fake-accounts/