BofA hit with $250 million in fines and customer refunds for ‘double-dipping’ fees, fake accounts

The Associated Press

NEW YORK (AP) – Bank of America must reimburse customers more than $100 million and pay $150 million in fines for “double-dipping” on overdraft fees, withholding reward bonuses on credit cards and opening accounts without customer consent.

It is one of the highest financial penalties in years against Bank of America, which has largely spent the last 15 years trying to clean up its reputation and market itself to the public as a bank focused on financial health and not on overdraft fee income.

Read the full story on AP News right here.

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7/11/2023 1:48:51 PM (GMT -5:00)