Bank Of America Penalized For Charging Junk Fees, Opening Fake Accounts
Portfolio Pulse from Nabaparna Bhattacharya
Bank of America Corporation (NYSE:BAC) has been fined $90 million by the Consumer Financial Protection Bureau (CFPB) and $60 million by The Office of the Comptroller of the Currency (OCC) for illegal practices including charging junk fees, withholding credit card rewards, and opening fake accounts. The bank will pay over $100 million to affected consumers and $150 million in penalties to CFPB and OCC.
July 11, 2023 | 4:01 pm
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Bank of America has been fined for illegal practices, which could negatively impact its reputation and financials.
The fines imposed on Bank of America for illegal practices could lead to a negative perception among investors and customers, potentially affecting its stock price. The financial impact of the fines could also affect its earnings.
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