Bank of America hit with $250 million in penalties after allegedly denying customers promised cash rewards, double-charging them
"Depending on the circumstances of the consumer, Bank of America will deposit funds into the consumer's deposit account or will send the consumer a check"
Federal regulators are penalizing Bank of America to the tune of $250 million for allegedly taking advantage of customers.
The Consumer Financial Protection Bureau announced Tuesday that the bank will pay over $100 million to the consumers who were adversely impacted and another $150 million in penalties to the CFPB and the Office of the Comptroller of the Currency. ---More...
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