(WFC)agreed to pay $3.7 billion for wrongdoing and mismanagement, including more than than $2 billion in redress to consumers. The moves come amid a crackdown by the Biden administration against junk fees. 11, 2022, announcement about Bank of America reducing its overdraft fees and eliminating nonsufficient-fund fees.īank of America's stock was up 1% in regular trades. As a result of these industry-leading changes, revenue from these fees has dropped more than 90%."
The CFPB will be putting an end to these practices across the banking system."Ī Bank of America spokesperson said: "We voluntarily reduced overdraft fees and eliminated all nonsufficient-fund fees in the first half of 2022. "These practices are illegal and undermine customer trust. "Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent," said CFPB Director Rohit Chopra.
The Office of the Comptroller of the Currency said the bank's "double-dipping on fees" was illegal.īank of America will pay penalties of $90 million to the CFPB and $60 million to the OCC. The bank (BAC) will pay more than $100 million to consumers who were harmed by these activities. would pay a total of $250 million for illegally charging junk fees, withholding credit-card rewards and opening fake accounts. The Consumer Financial Protection Bureau said Tuesday that Bank of America Corp. PLACE YOUR ORDER NOW Editing & Creation services of high-quality tax returns for US, UK, Canada & Australia.Wells Fargo paid out billions for similar practices Pay Stubs/Payslips Editing & Creation Services Latest and Customised Templates Pay Period, Earnings and Net Pay Editing Taxes & Deductions Editing New Pay Stubs / Payslips Creation GET ANY DOCUMENT YOU NEED PLACE YOUR ORDER NOW Editing & Creation services of high-quality pay stubs or payslips for US, UK, Canada & Australia. Transaction Amount or Description Editing Addition/Removal of Specific Transactions Account Balance Editing Change of Dates Creation of New Bank Statements from scratchīank Statement Editing & Creation Services Editing & Creation services of high-quality Bank Statements for all major banks of US, UK, Canada & Australia.
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