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Bank of America ordered by CFPB to pay over $100M to consumers

The Consumer Financial Protection Bureau continued in its crackdown on banks overcharging fees on consumer accounts by ordering Bank of America (NYSE:BAC) to pay more than $100M to customers for allegedly charging “junk fees, withholding credit card rewards, and opening fake accounts,” the agency said Tuesday.

The Office of the Comptroller of the Currency also alleged that the bank’s “double-dipping” on fees was illegal. The bank will pay a total of $90M in penalties to the CFPB and $60M in penalties to the OCC.

“Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent,” said CFPB Director Rohit Chopra. “These practices are illegal and undermine customer trust. The CFPB will be putting an end to these practices across the banking system.”