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

Bank of America has been ordered to pay over $100 million to customers and $150 million in fines for illegally charging customers for junk fees, fake accounts, and withholding rewards. The Consumer Financial Protection Bureau found that the bank harmed hundreds of thousands of customers through illegal practices such as double charging insufficient fund fees and opening accounts without customer consent. Bank of America is also facing separate fines for violating laws around overdraft fees. This is not the first time the bank has been penalized for illegal practices, as it has previously been fined for deceptive marketing and other violations.