“These practices are illegal and undermine customer trust,” Rohit Chopra, the director of the consumer bureau, said in a statement.
will be putting an end to these practices across the banking system.”Regulators said that Bank of America imposed improper overdraft fees by double-charging customers over the same transaction.
The first charge would be a $35 “insufficient funds” penalty levied against a customer who tried to pay for something by check or automated transaction without having the funds necessary to do so.
A Bank of America spokesman said the bank had “voluntarily” reduced overdraft fees from $35 to $10 in early 2022 and had eliminated its $35 “insufficient funds” penalty.
In addition to the action on overdraft fees taken together by the two regulators, the consumer bureau said it had discovered two other areas where it said the bank was mistreating customers.
Persons:
” Rohit Chopra, “
Organizations:
Regulators, Bank of America, of America