CFPB takes action against Bank of America for illegally charging junk fees, withholding credit card rewards, and opening fake accounts

Today, the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to pay more than $100 million to customers for systematically double-dipping on fees imposed on customers with insufficient funds in their account, withholding reward bonuses explicitly promised to credit card customers, and misappropriating sensitive personal information to open accounts without customer knowledge or authorization. The Office of the Comptroller of the Currency (OCC) also found that the bank’s double-dipping on fees was illegal.

Bank of America will pay a total of $90 million in penalties to the CFPB and $60 million in penalties to the OCC.