 "BoA to pay over $100 mn for doubling fees, opening accounts without consent")
Bank of America must pay more than USD 100 million to customers for double-dipping on some fees, withholding reward bonuses and opening accounts without customer consent.
The Office of the Comptroller of the Currency also found that the bank's double-dipping on fees was illegal.
Bank of America will pay USD 90 million in penalties to its organisation and USD 60 million in penalties to the OCC, the Consumer Financial Protection Bureau said on Tuesday.
Bank of America, based in Charlotte, North Carolina, serves 68 million people and small business clients. The bank had USD 2.4 trillion in consolidated assets and USD 1.9 trillion in domestic deposits as of March 31, making it the second- largest bank in the US.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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