![]() ![]() Part of the penalties stem from a now-defunct Bank of America policy that charged customers $35 when the bank declined a transaction because a customer did not have enough funds in their account, also called a non-sufficient funds fee. The latest penalty includes $90 million to the CFPB and $60 million to the Office of the Comptroller of the Currency. The bank must also pay $80.4 million in consumer redress on top of the $23 million it had already paid to customers denied rewards bonuses. ![]() It’s one of the highest financial penalties in years against the country’s second-largest bank, which was also ordered to pay a $10 million civil penalty over unlawful garnishments and $225 million in fines for "botched" state unemployment benefit disbursements in 2022. The federal regulator on Tuesday said the bank withheld credit card rewards, illegally double-dipped on fees and opened accounts without consent. Bank of America has been ordered to pay $250 million in fines and customer compensation for deceptive practices that harmed "hundreds of thousands of consumers," according to the Consumer Financial Protection Bureau. ![]()
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