Bank of America must fork over $250 million in penalties and restitution because it “wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent,” a Consumer Financial Protection Bureau official told The Wall Street Journal. According to the CFPB, the bank would “double-dip” its $35 fee for declined transactions by charging repeatedly for the same transaction. The bureau also said Bank of America failed to hand out promised credit-card account bonuses to tens of thousands of customers, and its employees illegally opened credit-card accounts on customers’ behalf without their knowledge since at least 2012.
Bank of America has to shell out $100 million to affected consumers, $90 million in penalties to the CFPB, and $60 million to the Office of the Comptroller of the Currency. A Bank of America spokesperson told the Journal that the bank “voluntarily reduced overdraft fees and eliminated all non-sufficient fund fees in the first half of 2022” and that “revenue from these fees has dropped more than 90%.” Read more at The Wall Street Journal.
Oh please. Big corporations never do anything unethical. So is our beloved government. They are above reproach.
All the major corporations do the same thing. They nickel/dime steal from their vast number of clients and that adds up to serious money for them. 99% of people don’t question their bills (and especially not for $10-$20 the time spent on the phone is not worth it). And for that 1% they same oops, we made a mistake, and they credit it back to you.
I’m having a thing with UPS ganavim now.