Bank of America Corp. agreed to pay $150 million to regulators and $100 million to customers for improperly charging fees and mismanaging accounts and rewards, the top US consumer watchdog said.
The Consumer Financial Protection Bureau said on Tuesday it was fining Bank of America for “systematically double-dipping on fees imposed on customers with insufficient funds in their account.” The bank also withheld promised reward bonuses and moved to open accounts without customer authorization.
The lender agreed to pay $90 million of the penalty and $60 million to the Office of the Comptroller of the Currency. Bank of America didn’t admit or deny the allegations as part of the settlement.
In a statement, when asked about the case, Bank of America declined to address the case or the allegations against the lender. Instead, the firm said that it “voluntarily reduced overdraft fees and eliminated all non-sufficient fund fees in the first half of 2022.”
--With assistance from Paige Smith and Katherine Doherty.
