Bank of America fined for junk fees and fake accounts

[libertybele]

I had to deal with them when I first started working in banking and finance -- worst bank ever to deal with!

Bank of America fined for junk fees and fake accounts

Bank of America has been ordered to pay out $150m (£116m) in penalties after it was found to have opened credit cards without customers' permission.

Regulators also discovered the bank "double-dipped" fees from customers and withheld promised reward bonuses.

The violations at the US's second largest bank affect hundreds of thousands of customers and date back to 2012 in some cases, regulators said.

Bank of America has not admitted or denied the investigation's findings.

The bank has been ordered to refund customers and pay a total of $150m in penalties to the Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC).

Customer refunds are expected to be worth more than $80m, the CFPB said.

The regulator said Bank of America illegally applied for and enrolled consumers in credit card accounts without their knowledge or authorisation to help bank employees reach sales incentive goals.............

https://www.bbc.com/news/business-66167474

[Fishrrman]

Sounds like Bank of American has been takin' lessons from Wells Fargo...

[DefiantMassRINO]

Sounds like R.I.C.O.  Some executives need to go to prison ... or, they could make substantial contribution to Congressmens' and Seantors' favorite PAC's and SuperPAC's.