Bank of America Faces $250 Million in Fines and Restitution Over Fake Accounts and Illegal Fees

Bank of America was fined and ordered to pay restitution for illegal practices including double-dipping on fees, withholding credit card rewards, and opening fake accounts without customer consent.
The bank will pay over $100 million to affected customers in addition to $150 million in civil penalties to the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency.
Bank of America charged customers multiple overdraft fees for the same declined transaction and failed to provide promised credit card bonuses.
The bank illegally used customer information to open credit card accounts without authorization, harming credit profiles and resulting in unjustified fees.
This is not the first time Bank of America has been penalized, as it has previously faced fines for illegal credit card practices and mishandling unemployment benefits.