2023-07-12 19:23:00
On July 12, the Financial Consumer Protection Authority ordered Bank of America, one of the largest commercial banks in the United States, to pay $250 million in fines and damages.
The decision would require the financial giant to return $100 million to its customers and pay $150 million in fines to the Consumer Financial Protection Bureau and the Comptroller’s Office.
The investigation found that over the years, Bank of America knowingly withheld credit card rebates, doubled the value of unsecured transactions and opened accounts without consent, according to a statement from the Financial Consumer Advocacy Organization, which said these actions are illegal and undermine consumer confidence.
Bank of America is the second largest banking organization in the United States and the second largest bank in the world by market capitalization. $250 million is one of the heaviest fines in the history of this giant financial enterprise.
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