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Bank of America accused of opening fake accounts and charging illegal junk fees | CNN Business

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Bank of America accused of double-dipping on fees and opening fake accounts, ordered to pay $100 million to customers and millions more in fines

The Consumer Financial Protection Bureau ordered Bank of America\n \n to pay more than $100 million to customers and $90 million in penalties. The Office of the Comptroller of the Currency also ordered Bank of America\n \n to pay $60 million in fines. Some of the allegations are reminiscent of the Wells Fargo scandal last decade that involved opening millions of bank accounts without customer authorization.

“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. The CFPB will be putting an end to these practices across the banking system.” Bank of America did not immediately respond to a request for comment. This is a breaking news story. It will be updated.

 

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