{"id":1969793,"date":"2023-07-11T15:00:05","date_gmt":"2023-07-11T19:00:05","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bank-of-america-ordered-to-pay-customers-100-million-for-double-dipping-other-illegal-practices\/"},"modified":"2023-07-11T15:03:01","modified_gmt":"2023-07-11T19:03:01","slug":"bank-of-america-ordered-to-pay-customers-100-million-for-double-dipping-other-illegal-practices","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bank-of-america-ordered-to-pay-customers-100-million-for-double-dipping-other-illegal-practices\/","title":{"rendered":"Bank of America fined $100 million for illegal practices, including &#8216;double-dipping&#8217;."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbank-of-america-ordered-to-pay-customers-100-million-for-double-dipping-other-illegal-practices%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1969793&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Bank of America Ordered to Pay Customers $100 Million for &#8216;Double-Dipping,&#8217; Other Illegal Practices<\/h2>\n<p>Bank of America has been hit with a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/coca-cola-under-fire-for-legally-questionable-racial-quota-system\/\" title=\"Coca-Cola Under Fire for Legally Questionable Racial Quota System\">hefty financial penalty<\/a> and fines totaling $150 million for engaging in deceptive practices that harmed its customers. This marks one of the largest penalties imposed on the bank in recent years.<\/p>\n<p>The penalties include a reimbursement of $100 million to affected customers, as well as fines of $90 million to the Consumer Financial Protection Bureau (CFPB) and $60 million to the Office of the Comptroller of the Currency.<\/p>\n<p>The CFPB Director, Rohit Chopra, stated that Bank of America wrongfully withheld credit card rewards, charged excessive overdraft fees, and opened accounts without customer consent. These practices are not only illegal but also erode customer trust.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Today, the CFPB ordered <a href=\"https:\/\/twitter.com\/BankofAmerica?\">@BankofAmerica<\/a> to pay more than $100 million to harmed customers for double-dipping on fees, wrongfully withholding credit card rewards, and opening accounts without consent. <a href=\"https:\/\/t.co\/Ky44sKYADf\">https:\/\/t.co\/Ky44sKYADf<\/a><\/p>\n<p>\u2014 consumerfinance.gov (@CFPB) <a href=\"https:\/\/twitter.com\/CFPB\/status\/1678750515893608448?\">July 11, 2023<\/a><\/p>\n<\/blockquote>\n<p><a href=\"https:\/\/www.westernjournal.com\/bank-america-issues-chilling-forecast-no-gdp-growth\/\" target=\"_blank\" rel=\"noopener\">Bank of America<\/a> had a policy of charging customers $35 for declined transactions due to insufficient funds, according to the CFPB. The agency found that the bank engaged in &#8220;double-dipping&#8221; by repeatedly charging fees for the same transaction.<\/p>\n<p>In recent years, Bank of America has been working to improve its reputation and shift its focus away from relying on overdraft fee income. The bank reduced its overdraft fee to $15 last year, resulting in a significant decrease in fee income.<\/p>\n<p>The bank claimed to have voluntarily reduced overdraft fees and eliminated non-sufficient fund fees in the first half of last year. However, the CFPB discovered that Bank of America also <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bank-of-america-ordered-to-pay-customers-100-million-for-double-dipping-other-illegal-practices\/\" title=\"Bank of America fined 0 million for illegal practices, including 'double-dipping'.\">unlawfully withheld promised credit card account bonuses<\/a> and enrolled consumers in credit card accounts without their knowledge or authorization.<\/p>\n<p>This is not the first time Bank of America has faced penalties for its practices. In 2014, the CFPB ordered the bank to pay $727 million for illegal credit card practices. Last year, the bank was fined $10 million for unlawful garnishments.<\/p>\n<p>Bank of America&#8217;s reputation has taken a hit in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bulletproof-backpack-makers-retailers-slam-new-york-confiscation-legislation\/\" title=\"Bulletproof Backpack Makers,\u00a0Retailers\u00a0Slam New York Confiscation Legislation\">recent years due<\/a> to various illegal practices. The bank&#8217;s efforts to rebuild trust and focus on financial health have been overshadowed by these repeated violations. It remains to be seen how the bank will address these issues and regain the trust of its customers.<\/p>\n<p style=\"font-style: italic\">The Western Journal has reviewed this Associated Press story and may have altered it prior to publication to ensure that it meets our editorial standards.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\/bank-america-ordered-pay-customers-100-million-double-dipping-illegal-practices\/\">Bank of America Ordered to Pay Customers $100 Million for &#8216;Double-Dipping,&#8217; Other Illegal Practices<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\">The Western Journal<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bank of America faces a hefty penalty of over $250 million, including $100 million in customer reimbursements and $150 million in fines. The charges include unfair overdraft fees, withholding credit card rewards, and unauthorized account openings. This marks one of the largest financial penalties imposed on the bank in recent years, highlighting its questionable practices over the past 15 years.<\/p>\n","protected":false},"author":136,"featured_media":1969794,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-1969793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1969793","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/136"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1969793"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1969793\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1969794"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1969793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1969793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1969793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}