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BofA to Pay $250M Over Extra Fees, Unauthorized Cards

Wealth Management

(Bloomberg) -- Bank of America Corp. agreed to pay $150 million in fines and $100 million to customers for improperly charging extra fees, withholding rewards and opening unauthorized credit-card accounts, US regulators said.

The Consumer Financial Protection Bureau said it fined the bank for “systematically double-dipping on fees imposed on customers with insufficient funds in their account.” The Charlotte, North Carolina-based lender also failed to pay promised credit-card reward bonuses and enrolled customers for cards without their knowledge or authorization, the CFPB said.


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