WBE is currently investigating claims that Bank of America violated federal laws by engaging in allegedly deceptive practices, including withholding credit card rewards, charging multiple overdraft fees for the same transaction, and opening accounts without the customer’s knowledge or consent. If you are a Bank of America customer who believes they have been harmed by these practices, contact WBE for more information.
On Tuesday, July 11, 2023, federal regulators with the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to pay $250 million in fines and compensation for allegedly deceptive practices that harmed “hundreds of thousands of consumers.”
According to the CFPB, Bank of America engaged in numerous harmful and fraudulent actions, including:
- Withholding credit card rewards to consumers who submitted applications in person or over the phone, as opposed to applying online.
- “Double-dipping” on overdraft fees by allowing insufficient funds fees to be repeatedly charged for the same transaction.
- Illegally applying and enrolling customers in credit cards accounts without their knowledge and consent, in order to reach sales incentive goals.
The CFPB has ordered Bank of America to pay more than $100 million to affected customers, as well as over $150 million in penalties and fines.
If you are or were a Bank of America customer between the years of 2012 to 2023, who has been the victim of one or more of these allegedly fraudulent practices, you may qualify for compensation. Contact WBE today to discuss filing a Bank of America fake account and junk fees lawsuit claim.