Bank of America $BAC will pay $250 million in fines and restitution for engaging in unethical practices, including double-charging fees, withholding promised credit card perks, and opening accounts without customer authorization.
Banks can still engage in illegal and harmful practices, even after being punished for them in the past. This is not the first time that Bank of America has been fined for its practices. In 2010, the bank paid $13 Billion to settle charges that it had misled investors about the quality of its mortgage loans.
The Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC) said that Bank of America violated a number of laws beginning in 2012:
1) The bank double-charged customers' fees for overdrafts, even when they had enough money in their accounts to cover the transactions.
2) Bank of America withheld promised credit card perks, such as cash rewards and bonus points.
3) The bank opened accounts without customer authorization, often by employees who were under pressure to meet sales goals.
Read more here: https://www.wsj.com/articles/bank-of-america-ordered-to-pay-250-million-over-wrongful-fees-fake-accounts-a39099c5
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