Bank of America, the nation’s second largest bank, was fined $250 million this week by US federal regulators for allegedly charging customers excessive fees, opening fake accounts, and withholding credit card rewards. Now, Bank of America has to distribute $100 million of that fine to consumers who were impacted by these alleged wrongdoings.
Who Is Owed Money By Bank Of America?
Bank of America’s alleged fraudulent activities date as far back as 2012. If an account has been opened under your name without your knowing, it should appear on your bank statements or credit report, according to the Consumer Financial Protection Bureau. Since it is difficult to get records as far back as 2012, it is recommended that you call Bank of America’s customer service line directly and asking if you were a victim of these fake accounts. Bank of America will make public a point of contact for these inquires that will be posted on the CFPB’s site.
Those who didn’t get the credit card reward bonuses they were owed have already been compensated by Bank of America, but the compensation amount has not been made public.
If you were double-charged the $35 non-sufficient funds or overdraft fees since September 2018, Bank of American will automatically refund around $80.4 million to victims.
It is not clear when all affected customers will be compensated. The CFPB will be monitoring Bank of America’s progress on these payouts.
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