![]() Some employees opened credit cards for customers who never applied for or agreed to the new accounts. Since 2012, Bank of America had a sales incentive program for its employees, rewarding them when they met goals for opening new credit card accounts. Customers who didn’t give authorization to open new credit cards If the bank hasn’t yet provided the correct points and rewards, it must credit these correctly to people’s accounts. What happens next: Bank of America is required to clearly state who is and is not eligible for the offers they advertise and promote. Where customers stand now: Rewards and bonus points have been credited to many affected customers already. Signup bonuses to some new customers were also denied. Instead, the bonuses and rewards went to customers who signed up online only, leaving out customers who signed up by phone or in person. Credit card customers who were promised rewards points and cash bonusesīank of America advertised bonuses and rewards to credit card customers, and then failed to provide them to everyone who qualified. You can reach them by e-mail at or by mail at P.O. Have your account information on hand, along with details about how you were affected, and then call toll-free 1-85 to reach customer service and discuss your personal situation. Former Bank of America customers will receive refunds in the mail.īank of America is setting up a dedicated customer service center to handle questions from people who have been overcharged for NSF fees. If you are one of those customers, the refund will be made directly to your account. The bank must also refund more than $80 million to customers. What happens next: Bank of America must stop “double-dipping” for good. This means that people who were charged multiple fees may have already had some of the money returned to their bank accounts. Where customers stand now: Bank of America stopped charging all non-sufficient funds fees last year and refunded tens of millions in dollars in fees to harmed customers. This means if a check or other withdrawal didn’t go through because you didn’t have enough money in your account, the bank could have rejected the transaction again and again, charging a $35 fee (known as a non-sufficient funds, or NSF, fee) each time. ![]() Bank account customers who were overcharged fees for insufficient fundsįor years, Bank of America had a practice of “double-dipping” on deposit accounts with insufficient funds. ![]() Former customers will receive theirs in the mail. Some customers have already received their payments. You don’t need to take action to receive the money. Refunds and reimbursements coming from Bank of AmericaĬustomers who fit the descriptions below can expect payments from Bank of America. If you are a Bank of America customer, here’s information to help you understand whether you may have been harmed, what refunds and reimbursements to expect, and what else to watch for. The bank is required to pay more than $100 million to customers who were harmed, plus a $90 million fine that goes to the CFPB victims relief fund and another $60 million penalty paid to the Office of the Comptroller of the Currency.īank of America is the nation’s second largest bank, with about 68 million individual and small business accounts. ![]() Recently, the CFPB took action against Bank of America for breaking federal laws that apply to financial products, including bank accounts and credit cards. ![]()
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