![]() ![]() Last year, the bank was hit with a $10 million fine for improperly garnishing customers' wages and also paid a separate $225 million for mismanaging state unemployment benefits during the pandemic. The $250 million financial penalty is one of the highest ever levied against Bank of America. The company didn't address the CFPB's allegations that it opened fake credit card accounts and wrongly denied them reward points. As a result of these industry leading changes, revenue from these fees has dropped more than 90%," he said. "We voluntarily reduced overdraft fees and eliminated all non-sufficient fund fees in the first half of 2022. Bank of America also offered people cash rewards and bonus points when signing up for a card, but illegally withheld promised credit card account bonuses, the regulators said.īank of America no longer charges the fees that triggered the government's fine, spokesperson Bill Haldin told CBS News.
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