Bank of America to automatically reimburse
customers $100 MILLION after firm illegally
charged junk fees, withheld promised rewards
and opened fake credit card accounts WITHOUT
holders' consent
Daily Mail (UK),
by
Tilly Armstrong
Original Article
Posted By: Imright,
7/11/2023 4:13:19 PM
Bank of America has been ordered to pay $250 million for illegally charging junk fees, withholding credit card rewards and opening fake accounts.
The Consumer Financial Protection Bureau (CFPB) accused the bank of harming hundreds of thousands of customers by systematically double-dipping on fees for account holders with insufficient funds.
Customers are in line for a $100 million refund - while the bank will be forced to pay $150 million in penalties to the CFPB and the Office of the Comptroller of the Currency (OCC).
Reply 1 - Posted by:
learner 7/11/2023 4:32:29 PM (No. 1510648)
Customers get taken by bank. Government gets 60% of the money. Welcome to the United States of Big Finance!
25 people like this.
Reply 2 - Posted by:
Mizz Fixxit 7/11/2023 4:40:26 PM (No. 1510652)
This is the same bank that assisted with the Jan. 6 investigation by voluntarily turning over private customer data to the FBI. Bank of America also red flagged these accounts if the customer had ever used a BOA product to purchase a firearm. Bank of America is a criminal enterprise.
31 people like this.
Reply 3 - Posted by:
DVC 7/11/2023 4:52:15 PM (No. 1510658)
I figured out that BoA is actually Bank that Hates America a number of years ago, maybe 15 or 20 and moved my accounts to a locally owned bank.
27 people like this.
Reply 4 - Posted by:
Quigley 7/11/2023 4:53:47 PM (No. 1510662)
I'll keep an eagle eye out for my $0.29 share. The Big Goof got millions in donations no doubt.
13 people like this.
Reply 5 - Posted by:
padiva 7/11/2023 5:03:23 PM (No. 1510668)
See what happens when you don't pay enough homage($$$) to the proper authorities. /s
8 people like this.
All I know is they bought my bank and service immediately went to heck. Getting my money out and transferring banks was a nightmare.
Absolutely terrible bank.
Bank as local and as small as you can! When your bank merges with some giant bank, leave.
23 people like this.
Reply 7 - Posted by:
Strike3 7/11/2023 6:08:47 PM (No. 1510697)
Some clowns in sales/marketing must have been paid commissions for each new credit card account they opened so they opened more than customers requested. Banks can be criminals too.
12 people like this.
Reply 8 - Posted by:
DVC 7/11/2023 7:12:53 PM (No. 1510727)
Exactly right, #6.
BoA is rotten to the core. They optimize for supporting illegal aliens, too.
19 people like this.
Reply 9 - Posted by:
qr4j 7/11/2023 7:19:11 PM (No. 1510733)
The government gets more than the customers who have been screwed. Typical government! It isn’t about people. It’s about a few elites maintaining power and getting money. Greedy SOBs … the corp and the govt.
12 people like this.
Reply 10 - Posted by:
Son of Grady 7/11/2023 10:17:52 PM (No. 1510793)
Add Mail Fraud to the crimes. Federal offense.
Oh dumb me, laws are only for conservative Americans.
8 people like this.
Reply 11 - Posted by:
mc squared 7/11/2023 10:46:56 PM (No. 1510800)
I only had a few passing encounters with BoA, and they were all bad.
6 people like this.
Reply 12 - Posted by:
mifla 7/12/2023 6:06:07 AM (No. 1510876)
You think that they would have learned from the Wells Fargo scandal a few years back.
9 people like this.
Reply 13 - Posted by:
anniebc 7/12/2023 7:01:33 AM (No. 1510912)
The left has finally turned businesses into the horrible enterprises they always accused them of being before they infiltrated them. Leftists needed to be dragged en masse.
10 people like this.
Reply 14 - Posted by:
The Remnants 7/12/2023 7:47:20 AM (No. 1510934)
I remember you'd hear this exprssion in some movie or something, "You can take it to the bank!", and it meant you could trust someone's word. No more. Add banks to the list of institutions we can no longer trust.
It's like the question, "Who is NOT corrupt?"; you ask yourself, what institution CAN we trust?
14 people like this.
Reply 15 - Posted by:
Amoeba 7/12/2023 8:12:12 AM (No. 1510963)
I also had an awful experience with the Bank of Anti-America. And closing my accounts was way too hard too. It's a skum bag bank.
8 people like this.
Reply 16 - Posted by:
Dodge Boy 7/12/2023 8:14:45 AM (No. 1510966)
No surprise. But we have never had accounts at BoA and glad that we did not. Same is true for Wells Fargo. We, too, have our accounts with a smaller regional bank.
Meanwhile, keep an eye on the big banks. Their balance sheets are horribly in the red these days because their bond portfolios are pulling them down due to the Fed's high interest rates. And isn't it interesting that the Silicon Valley Bank failure as well as the others have magically disappeared from public view like these never even happened. Don't be fooled that everything is ok.
9 people like this.
Reply 17 - Posted by:
DustDevil31 7/12/2023 9:48:47 AM (No. 1511036)
Absolutely Evil Friggin' enterprise. I swore them off in 1993 when I got married and they were abusing my bride. Never went back. Somehow they issued credit card in my name in 2022. Took weeks to clean that up; luckily no charges but I surely never applied for a BofA anything.
7 people like this.
Reply 18 - Posted by:
BarryNo 7/12/2023 11:07:44 AM (No. 1511102)
Are they really?
Or are they going to shuffle papers, make claims, pay off the few who actually account for their losses... But keep their stolen goods? How can you trust them?
8 people like this.
Reply 19 - Posted by:
Zigrid 7/12/2023 11:49:11 AM (No. 1511125)
Something is very rotten with our banks...and WE must take the steps to protect our funds....it's all about taking control of our lives and not letting the corporate dudes play with our lives...I've said it before and reaffirm it now...YOU must watch every government sponsored agency...they are not your friend...and you must use your own instincts to manage your lives....shop locally and use U.S. cash to pay the bills....the globaloney oligarchs are determined to bring down our monitory system...just as soros did with the English pounds...stay alert!!
6 people like this.
Reply 20 - Posted by:
PrayerWarrior 7/12/2023 1:02:54 PM (No. 1511183)
This is why some high profile conservative (and Christian) politically smart people started Old Glory Bank in Oklahoma. The bank has gone national. Their goal is to protect you and their bank from government intervention. Ben Carson, Larry Elder are on the Board of Directors.
4 people like this.
Reply 21 - Posted by:
Lawsy0 7/12/2023 2:35:43 PM (No. 1511259)
I just got a grim letter from my retirement account about a data breach by the file transfer company the Pension Benefit Information uses. They are offering me the choice of a credit monitoring company. Hmm. I wonder how much farther afield should I strew my personal information that hasn't been strewn already by their 3rd party software.
3 people like this.
Reply 22 - Posted by:
doctorfixit 7/14/2023 1:57:05 AM (No. 1512258)
B of A is hand-in-glove with the Obama-Biden KGB/Gestapo. A horribly evil corporation.
0 people like this.
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