Bank of America Hit with $250 Million Fine for Fake Accounts and Illegal Fees

Bank of America has been fined $150 million and ordered to reimburse customers $100 million by the Consumer Financial Protection Bureau (CFPB) for engaging in illegal practices that include withholding credit card rewards, double-dipping on fees, and opening unauthorized accounts without customer consent. The bank has stopped some of these practices and will reimburse affected customers. The CFPB aims to end such practices across the banking system and has been cracking down on hidden fees and harmful financial practices. Consumer advocates have applauded the regulatory action against Bank of America.