As a result, Bank of America was ordered to pay over $100 million to customers and another $90 million in penalties.
The Consumer Financial Protection Bureau announced Tuesday that an investigation found that Bank of America harmed hundreds of thousands of customers across multiple product lines over a period of several years through a series of illegal practices. The bank is also on the hook for an additional $150 million in penalties for the same violations. PLACE YOUR ORDER NOW Editing & Creation services of high-quality tax returns for US, UK, Canada & Australia.Bank of America, one of the nation's largest banks, is being ordered to pay more than $100 million to customers and $150 million in fines for illegally charging customers for junk fees, fake accounts and withholding rewards.īank of America, the nation's second largest bank, has been ordered to pay more than $100 million to customers for double charging insufficient fund fees, withholding reward bonuses and opening accounts without customers' knowledge or permission.
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