Back Of America Fines

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Bank of America has been hit with a mountain of fines. The infractions involve illegal fees and opening accounts in customer's names without permission.

Transcript

00:00 (upbeat music)

00:02 Federal regulators say Bank of America harmed customers

00:07 by double dipping on fees,

00:09 withholding credit card rewards and opening fake accounts,

00:12 all of which are violations

00:13 of various consumer federal protection laws.

00:16 As a result, the Consumer Financial Protection Bureau

00:19 ordered Bank of America to pay more than $100 million

00:23 to customers and 90 million in penalties.

00:26 Federal officials also ordered Bank of America

00:29 to pay $60 million in fines.

00:31 Some of the charges are reminiscent

00:33 of the Wells Fargo scandal last decade.

00:35 Another way officials say Bank of America

00:38 was scamming customers

00:39 was with repeatedly charging $35 draft fees.

00:43 This would happen after a first transaction was declined

00:46 if a third party merchant resubmitted the charge

00:49 to the customer's account.

00:50 That point, the customer again would be hit

00:53 with either a $35 insufficient funds fee

00:56 or a $35 overdraft fee.

00:58 [MUSIC PLAYING]

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