“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 report said.
The fees often came when customers had routine monthly transactions, like a gym membership. If a customer had too low of a balance to cover the transaction, it would be declined and BofA would charge the customer a $35 fee. The business, who hasn’t been paid, often would recharge the customer’s account, resulting in another $35 non-sufficient funds fee.
The CFPB said that customers don’t need to take action; banks will either put funds back in consumer accounts or send a check. Full details, including the amount of refunds for individual customers and how exactly they will be paid, have not yet been released.
There are more than 50 Bank of America financial centers and ATMs in Pennsylvania.