Bank of America Ordered to Pay Over $100 Million in Penalties and Restitution to Customers

Bank of America has been ordered to pay more than $100 million to customers for illegally double-dipping on fees, withholding reward bonuses, and opening accounts without customer consent.

The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency (OCC) announced the penalties on Tuesday. Bank of America will pay $90 million in penalties to its organization and $60 million in penalties to the OCC.

Bank of America is the second-largest bank in the United States, with $2.4 trillion in consolidated assets and $1.9 trillion in domestic deposits as of March 31. The bank serves 68 million people and small business clients, based in Charlotte, North Carolina.

The OCC found that Bank of America had illegally double-dipped on fees, meaning they charged customers twice for the same service. The bank was also found to have withheld reward bonuses and opened accounts without customer consent.

The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency have ordered Bank of America to pay more than $100 million in penalties and restitution to customers. The bank has agreed to the terms and will pay the penalties and restitution as soon as possible.