Bank of America fined $250M for fake accounts, double-charged customers, and illegal fees
Bank of America has been accused by federal regulators of opening accounts without customers' knowledge, overcharging on fees, and withholding credit card rewards. The bank will pay $250 million in government penalties, including $100 million to be returned to customers. The Consumer Financial Protection Bureau (CFPB) stated that these practices are illegal and undermine customer trust. The CFPB also alleged that Bank of America accessed customer information to open fake accounts. This penalty is one of the highest ever levied against the bank, which has a history of similar violations.