One of the largest banks in the United States has been hit with hundreds of millions in fines for several illegal practices including opening fake credit card accounts without customers’ consent.
The Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) have ordered Bank of American to pay $250 million or more in penalties and to consumers harmed by the bank’s actions.
According to ConsumerFinance.Org, Bank of America was penalized for:
Bank of America is the second largest financial institution in the country with 68 million customers, both individuals and small businesses and, as of 2023, with over $2.4 trillion in consolidated assets and $1.9 trillion in domestic deposits.
If you are a current or past Bank of America Customer and have been harmed by the actions listed above, please contact us to discuss your legal options at (619) 238-1811.