by Barbara Nevins Taylor

Bank of America may owe you money. The Consumer Financial Protection Bureau (CFPB) ordered Bank of America to pay more than $100 million to customers it loaded up with junk fees. The CFPB said the bank also withheld bonuses it promised credit card customers and opened accounts people didn’t ask for or want.  You may remember back in 2018, Wells Fargo agreed to a settlement for doing the same kind of things.

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.

CFPB Director Rohit Chopra said, “These practices are illegal and undermine customer trust. The CFPB will be putting an end to these practices across the banking system.”

The consumer watchdog found that Bank of America harmed hundreds of thousands of customers by repeatedly charging a $35 dollar fee for insufficient funds on the same transaction. So they would charge you once, and you’d pay. Then they would charge you again even though you only overdrew once.

Bank of America also targeted individuals with special offers of cash and points when they signed up for a credit card. But then they never provided the account bonuses or cash rewards to tens of thousands of consumers who asked for them. 

The CFPB also alleges that from at least 2012, Bank of America employees competing for bonuses illegally applied for and enrolled consumers in credit card accounts without their knowledge or authorization. In those cases, Bank of America illegally used or obtained consumers’ credit reports, without their permission, to complete applications. Consumers were charged unjustified fees, suffered negative effects to their credit profiles, and had to spend time correcting errors.

The CFPB’s orders require Bank of America to:

• • • Stop opening unauthorized accounts.
    • Disclose limits on rewards.
    • Stop charging repeat fees for the same transaction.
    • Compensate consumers. The bank will have to pay $90 million in penalties The penalties will go into the CFPB’s victims relief fund. Separately, Bank of America will also pay a $60 million penalty to the OCC for its double-dipping fee practices.

Bank of America did not admit wrongdoing when it agreed with the settlement to comply with the CFPB order. 

How do you get your money?  Bank of America has 90 days to come up with a plan and will reach out to you when it’s in place. If you think that you were affected and you want to file a complaint, you can do that through the Consumer Financial Protection Bureau.