Bank of America will have to pay more than $100 million to customers for doubling up on some fees, withholding reward bonuses, and opening accounts without customer consent, said a federal agency in a statement Tuesday.
Separately, Bank of America will have to pay some $90 million in penalties to its organization and $60 million in penalties to the Office of the Comptroller of the Currency (OCC), the U.S. Consumer Financial Protection Bureau (CFPB) said.
One of the most commonly used banks in the United States, North Carolina-based Bank of America serves some 68 million people and small business clients and had $2.4 trillion in consolidated assets and $1.9 trillion in domestic deposits as of March 31. It’s the second-largest bank in the country after JPMorgan Chase….