New York CNN —Bank of America was fined $250 million this week by US federal regulators for allegedly harming customers by double-dipping on fees, withholding credit card rewards and opening fake accounts. Of those fines, $100 million is set to go directly to consumers who were impacted by the bank’s alleged wrongdoing. People are generally bad at keeping or knowing how to access relatively recent bank records, said Harvey Rosenfield, founder of Consumer Watchdog, a nonprofit consumer advocacy group. It’s unlikely the average customer saved copies of their bank records or credit reports for over a decade, he said. As part of the agreement Bank of America settled with the CFPB, it is also required to identify consumers who were harmed.

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