Fine Bank of America for an additional fee to its customers

Bank of America is facing a $1 billion fine from the CFPB for charging its customers extra fees.

the Consumer Financial Protection Bureau or CFPBfor its English abbreviation, has fined for American bank $1 billion to charge additional fees to its customers according to Colin Salo on the street.

Should Bank of America Paying $150 Million in Fines for Double Fees to Customers, Not Giving Additional Bonuses on Cards, and Opening Accounts Without the Customer’s Knowledgethe Consumer Financial Protection Bureau announced on Tuesday.

BoA will be He paid $90 million to his organization and $60 million to the Office of the Comptroller of the Currency.

“Bank of America improperly withheld credit card rewards, doubled fees, and opened accounts without approval,” the statement read. CFPB Director Rohit Choprait’s a statement.

Bank of America, which is The second largest bank in the countryAnd Customers charged $35 after declining a transaction if customers did not have enough funds in their account. But the CFPB said the bank would allow They will charge you over and over again for the same transaction.

CFPB said that BofA rWill illegally take credit card account rewards, such as cash back or reward pointsn, which was promised upon registration.

In addition, the CFPB said that Bank of America employees have been illegally enlisting customers to register credit card accounts on their own since 2012..

Prior to these sanctions, it was the CFPB Bank of America was fined nearly $1 billion over the past decade for illegal credit card practices in 2014 and for failing to pay government unemployment during the pandemic in 2022..

American bank It is trading at $28.85 on the upside on Tuesday afternoon. 70 SMA is below the last candle, the RSI is at 52 points and the MACD lines are just above the zero level.

Mid-term resistance is at $30.93. Meanwhile, the Ei scores are conflicting.