Bank of America "will pay more than $250 million in refunds and fines," reports the Washington Post, "after federal regulators found the company systematically overcharged customers, withheld promised bonuses and opened accounts without customer approval." The Consumer Financial Protection Bureau [or CFPB] found the bank made "substantial additional revenue" for years by repeatedly charging customers $35 overdraft fees on the same transaction. The bank also denied cash and points bonuses it had pledged to tens of thousands of credit card customers. And starting in 2012, Bank of America employees enrolled customers in credit card accounts without their approval, obtaining credit reports without permission to complete the applications, the bureau said.
The bureau's director emphasized that "These practices are illegal and undermine customer trust," adding that America's CFPB "will be putting an end to these practices across the banking system."

The Post points out that Bank of America will now pay more than $100 million in restitution to customers, a $90 million fine to the CFPB and another $60 million fine to the Office of the Comptroller of the Currency. "Bank of America already has refunded customers denied credit card rewards and bonuses, the consumer bureau said. It will be repaying those it overcharged on fees by depositing funds into their account or sending a check..."

But how widespread is hte problem? Hundreds of thousands of customers were harmed over several...

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