Bank of America to pay $250mn for overdraft and credit card abuse

CHARLOTTE, N.C. - July 11, 2023 - PRLog -- By: Stephen Gandel in New York

Bank of America will pay $250mn to settle charges over credit card and banking abuses that include opening accounts for consumers without their consent and repeat overdraft fees, US financial watchdogs said.

Customers will be reimbursed roughly $100mn and Bank of America will pay $150mn in fines as part of the settlement announced on Tuesday with the Consumer Financial Protection Bureau and 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."

We make financial lives better for our clients, and our communities through the power of every connection. - Mission of Bank of America

"If you found yourself at the top of the organization, try your level best not to directly manage funds or have ultimate power over financial managers. Otherwise, you will find yourself at the bottom of the prison cell wondering what happened." - Dr. Lucas D. Shallua

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Financial Times News
https://www.ft.com/content/2f649f9a-eb08-4213-8cc1-97afac...