Around the Net
Bank Of America Fined Over Practices That 'Undermine Customer Trust'
- Fast Company, Wednesday, July 12, 2023 6:44 PM
Bank of America is being ordered by the Consumer Financial Protection Bureau to pay over $250 million for unlawful practices, including “double-dipping” on overdraft fees, using customers’ information to open accounts without their knowledge since 2012, and failing to fulfill rewards bonuses that had been explicitly promised to individuals. “Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent,” CFPB Director Rohit Chopra said in a statement. “These practices are illegal and undermine customer trust.”
