Bank of America Faces Massive Penalty for Fake Accounts and Illegal Fees

Bank of America has been ordered by federal regulators to pay $100 million to customers for unfair fees, withholding credit-card rewards, and opening fake accounts. The bank also faces $90 million in penalties to the Consumer Financial Protection Bureau and $60 million to the Office of the Comptroller of the Currency. The regulators alleged that Bank of America double-dipped on fees, wrongfully withheld credit card rewards, and opened accounts without consent. The bank has already paid approximately $23 million to customers for credit-card sign-up bonuses and there is still approximately $80 million in repeat non-sufficient funds fees that need to be refunded.