CNN BUSINESS | Bank of America accused of opening fake accounts and charging illegal junk fees
New York (CNN) — Federal regulators said Tuesday they found that Bank of America harmed customers by double-dipping on fees, withholding credit card rewards and opening fake accounts, all of which are violations of various consumer financial protection laws.
As a result, the Consumer Financial Protection Bureau ordered Bank of America (BAC) to pay more than $100 million to customers and $90 million in penalties. The Office of the Comptroller of the Currency also ordered Bank of America (BAC) to pay $60 million in fines. –read more–