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A man walks past an automated teller machine outside the Bank of America headquarters in Charlotte, North Carolina, May 2, 2016.
Chris Kane | bloomberg | Getty Images
American bankthe second largest US bank by assets, has engaged in deceptive practices that have harmed hundreds of thousands of its customers in recent years, Consumer Financial Protection Bureau He said Tuesday.
The French central bank said in a statement that the bank charged an overdraft fee of $35 for the same transaction, failed to properly issue rewards to credit card users and registered customers to card accounts without their consent. statement.
Bank of America in Charlotte, North Carolina, has been ordered to pay a total of $150 million in fines to the CFPB and another regulator, the Office of the Comptroller of the Currency. It also has to pay about $80.4 million to customers who were unfairly charged bogus fees, on top of the $23 million it already paid to customers who were incorrectly denied.
“These practices are illegal and undermine customer confidence,” CFPB director Rohit Chopra said in the statement. “The CFPB will put an end to these practices across the banking system.”
Bank of America spokesman Bill Haldane said in a response that the lender “voluntarily lowered overdraft fees and eliminated all inadequate funds fees in the first half of 2022,” resulting in a 90% drop in revenue from those fees.
Tuesday’s announcement is the latest sign that some of the practices he disclosed Wells Fargo The fake accounts scandal in 2016 was not limited to this bank.
Regulators penalized Wells Fargo for a culture of sales that led to the creation of 3.5 million fake accounts. But other lenders had similar loopholes, included us the bankwhich paid a $37.5 million fine last year for placing clients in unauthorized accounts.
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