Bank of America has now joined a very exclusive club. According to federal authorities, Bank of America has been accused of repeating the very same tactics that led to Wells Fargo being charged with opening fraudulent accounts for customers that they had no idea even existed.
Bank of America has a new crown under its belt but it isn’t the one they want. In the case, authorities say the bank has been double-dipping on fees, withholding credit card rewards and opening fake accounts, all of which are violations of various consumer financial protection laws almost identical to when Wells Fargo did it.
“Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent,” CFPB Director Rohit Chopra said in a statement. “These practices are illegal and undermine customer trust. The CFPB will be putting an end to these practices across the banking system.
As a result of the findings from the Consumer Financial Protection Bureau BoA has been ordered to pay $250m.