Bank of America Fined $250 million for fraudulent accounts and illegal junk fees

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In the most recent scandal involving the American bank, which has already paid millions in fines for illegal credit card practices, the Consumer Financial Protection Bureau ordered Bank of America to pay over $250 million for allegations that it opened fake accounts, withheld credit card rewards, and illegally charged junk fees.

The Consumer Financial Protection Bureau (CFPB) said on Tuesday that it had fined Bank of America more than $100 million for a number of infractions, including using customers’ sensitive personal information without their consent to open accounts.

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The CFPB investigation also found that Bank of America employees illegally enrolled customers in credit card accounts without their consent or knowledge for more than a decade.

This is not the first time Bank of America has been probed for illegal behavior. Bank of America was ordered to pay a civil penalty of $10 million in May after federal authorities determined that the bank unjustly garnished the accounts of thousands of customers.


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