Bank of America, the nation’s second-largest bank, is in the hot seat, accused of double-dipping on fees imposed on customers with insufficient funds in their account, and much more. KPRC2Amy
File - A customer uses an ATM at a Bank of America location in San Francisco, Monday, April 24, 2023. Bank of America is being ordered to pay more than $100 million to customers for double-dipping on some fees imposed on customers, withholding reward bonuses explicitly promised to credit card customers, and misappropriating sensitive personal information to open accounts without customer knowledge or authorization.
Now, we are getting more information about when the bank’s 68 million customers can expect to see any of that money., the CFPB gives more details to help consumers understand whether they may have been harmed, what refunds and reimbursements to expect, and what else to watch for. If you are or were a Bank of America customer going back to 2012, you are likely owed some amount of money. How much is not clear, but it will be at least a portion of any overdraft or NSF fees you paid that Bank of America shouldn’t have charged you.If you’re owed money in the payout, the CFPB will contact you, likely by mail, with information about the payment and how to receive it. Your options will be direct deposit or a check that will be mailed to you.
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