Bank of America Slapped with $250 Million Fine for Overusing Overdraft Fees and Opening Fake Accounts

Bank of America has been fined $150 million by the Consumer Financial Protection Bureau (CFPB) for overcharging customers with overdraft fees, failing to deliver promised credit card rewards, and opening unauthorized bank accounts. The CFPB found that the bank charged customers multiple overdraft fees for a single declined transaction, withheld credit card bonuses, and opened accounts without customer consent. Bank of America will pay $80 million in restitution to affected customers and $150 million in penalties to the CFPB and the Office of the Comptroller of the Currency (OCC). This is not the first time the bank has faced fines for illegal practices.