"Bank of America Fined $100 Million: Check if You're Eligible for Compensation"
Originally Published 2 years ago — by WTVD-TV
Bank of America has been fined $250 million by U.S. federal regulators for alleged misconduct, with $100 million set to be paid directly to affected consumers. The bank is accused of double-dipping on fees, withholding credit card rewards, and opening fake accounts. Some customers have already been compensated, but others may need to wait for their share. To determine if they are owed money, customers are advised to check their bank statements and credit reports for any unrecognized accounts. Bank of America is required to identify and compensate affected consumers, but no timeline has been provided. The Consumer Financial Protection Bureau will monitor the bank's progress and require audits to ensure compliance.