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BoA to Pay $250mn Penalty for Harming Consumers

BoA to Pay $250mn Penalty for Harming Consumers

by Starling Insights

Starling Insights Editorial Board

Jul 18, 2023

Observations

The Costs of Misconduct Consumer Protection Culture & Misconduct Culture & Consequences

Bank of America (BoA) will pay $250 million to settle charges of credit card and banking abuses as part of an agreement with the US Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC).

The bank will reimburse its customers approximately $100 million and pay out $150 million in fines for opening accounts for customers without their consent and charging repeated overdraft fees. "These practices are illegal and undermine customer trust," CFPB director Rohit Chopra said. "The CFPB will be putting an end to these practices across the banking system."

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