Bank of America (BoA) sounds like a patriotic bank, but they’re not.
A string of fraudulent actions from the bank disturbed people across the country. They hurt hundreds of thousands of clients, including illegally giving up client transaction information to the FBI.
Now, BoA is paying out more than $100 million to make up for a string of dishonest and fraudulent things they did.
Here’s What You Need To Know
The Consumer Financial Protection Bureau (CFPB) handles issues where consumers and customers are defrauded.
As you can imagine, they’re very busy. Their latest action is against BoA, who will be shelling out over $100 million for misleading and illegal things they did.
The CFPB’s fining of BoA comes as a result of an investigation into BoA practices that included numerous violations.
- Charging people twice when their account didn’t have enough to pay something (insufficient funds)
- Not giving clients credit card benefits and rewards they got owed
- Opening accounts without people’s permission on their behalf
As CFPB chief Rohit Chopra notes, BoA’s double-dipping, illegal practices of doing things without consent and not adhering to their contractual obligations need to have consequences.
how bank of america, wells fargo & JP morgan are still able to operate after blatant fraud is beyond me. https://t.co/4SpjOnkdLG
— XRP DYNASTY⑇ (@XRPDYNASTY) July 11, 2023
Who Is Impacted By BoA’s Criminality?
The CFPB says hundreds of thousands of clients of BoA are affected by these illegal things that were done.
This double dipping involved hitting people with $35 charges multiple times when they had insufficient funds, instead of the legally-contracted one-time fee.
The withholding of points happened by promising great rewards to get people to sign up for BoA credit cards and then just not giving them the rewards.
The illegal signing up happened when employees trying to meet quotas just took confidential client info and signed people up for credit cards and accounts without their permission or knowledge.
Bank of America fines:
$250 million in 2023 for consumer abuses
$225 million in 2022 for disbursement violations
$727 million in 2014 for illegal credit card practices
$16.65 billion in 2014 for financial fraud
Why aren’t more people talking about this?
— ushi (@Ushi_xoxoo) July 12, 2023
The Bottom Line
The next time you think a bank can be trusted, think again. BoA should give back people’s money immediately.