Federal regulators said Tuesday they found that Bank of America harmed customers by double-dipping on fees, withholding credit card rewards and opening fake accounts, all of which are violations of various consumer financial protection laws. The Office of the Comptroller of the Currency also ordered Bank of America (BAC) to pay $60 million in fines. “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. Bank of America noted in an email to CNN that those fees were eliminated last year. Later this month, the CFPB will post on its website the point of contact at Bank of America for further consumer inquiries.

Source: CNN July 11, 2023 14:40 UTC