Posted on 07/11/2023 3:45:44 PM PDT by NautiNurse
On Tuesday, the Consumer Financial Protection Bureau took Bank of America to task for a list of illegal actions that undermine customer trust.
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Bank of America agreed to pay a total of $150 million in fines and reimburse customers $100 million.
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“Bank of America is a repeat offender.
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Double-dipping: The bank had a previous policy of charging a $35 fee once — and then repeatedly for the same transaction — when a customer didn't have enough money in the account to cover the bill. If the company or person who was owed the money tried to resubmit that charge — and the money still wasn't in the customer's account — the bank would charge another $35 fee.
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Withholding rewards: "Bank of America illegally withheld promised credit card account bonuses, such as cash rewards or bonus points, to tens of thousands of consumers," the CFPB stated.
At various times from 2012 through February 2021, Bank of America advertised "sign-up" bonuses online. Sometimes, it was worth $200 in cash rewards; other times 50,000 in points which amounted to a $500 value.
Regulators charged that the ad made it appear that the bonus was available to all applicants. And some online advertisements, according to the consent order, did not expressly state that sign-up bonus offers were limited only to online applicants.
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Opening unauthorized accounts: A now disbanded sales-based incentive and evaluation program apparently contributed to the misuse of consumer information and creation of unauthorized accounts. The CFPB states that going back to at least 2012 some Bank of America employees illegally applied for and enrolled consumers in credit card accounts without consumers’ knowledge or authorization. "In those cases, Bank of America illegally used or obtained consumers’ credit reports, without their permission, to complete applications," the CFPB stated.
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(Excerpt) Read more at msn.com ...
“Scam of Bankmerica”
Nailed it. BOA is trying to follow Wells Fargo's corrupt banking practices.
How much in fines has BAC paid since 2008? Why has this bank not been shut down and its charter burned? Who in their right mind would do business with them?
The criminal and unethical business practices of these “too big to fail” banks are like a caricature that validates Grandma Warren’s CFPB.
These banks get red circled for survival no matter what they do, then they do all sorts of crooked stuff, covered by a woke smokescreen of minority worship, faggotry, CO2 panic and simping for illegal immigrants.
I was just told by BOA that the $200 reward for accepting a new credit card is coming within 5 business days. All I had to do was charge $1000 to the new credit card in a 90 day period.
That was the easiest $200 I ever made. My credit card bills run $1500/month anyways.
> Bank of America pays essentially zero interest on deposits. <
So does my bank. I get around 0.02% on my bank accounts. That’s why I don’t keep much money there. Any excess goes to a mutual fund money market account. It pays much more.
Anyway, I used to be very upset about my bank’s low interest rate. Those scoundrels! Then I read an article that said banks really don’t any need more deposits. They are okay with what they’ve already got. So there is no real need to attract new money.
That makes perfect sense. Supply and demand, and all that.
Banks of America was created by the Catholic and responsible Amadeo Gianinni helped people in San Francisco who lost everything in the 1906 earthquake. He provided low interest loans and became a hero in San Francisco. In 1991 Bank of America was the first national bank in America. In 2008 Bank of America purchased both Countrywide and Merrill Lynch, lost money, depended on government assistance and sold out to non-Catholic and non-ethical people. In 2013 Bank of America was punished for the many unethical activities by employees and fined $16 billion. Today, Bank of America hurts its customers with silly fees in order to pay the $16 billion fine. I was at Bank of American today, a regular Tuesday, and there were fifteen customers and only two employees at the counter. Frustrating. Capital One is a better bank.
Good point.
Believe it when you see the money.
I hate when a bank Wells Fargos their customers.
Like you, I keep the minimum amount in the checking account with insulting interest rate of 0.01%. I closed my savings accounts and moved them to an online bank paying 4.5% for savings, 5% for CD, and buying T-bills since September.
Thanks for the BOA history.
I've stories.....
I stopped banking with BOA in 1982.
I bank at three small banks these days
BankofAmerica and WellsFargo are disgraces to the banking industry. I would not willingly do business with them at all.
I am going on a cruise, and BoA had rewards if you opened up a CC associated with the cruise line. I have never, ever, been subjected to such BS to open a CC account. I have always been instantly approved for any card I have ever applied for, but BoA texted, called, sent me emails and basically wouldn’t approve an account unless I spoke with them personally over the phone and gave them private details...
I told them to stick their card where the sun doesn’t shine.
“BankAmericard. Launched by Bank of America® as the first consumer credit card in 1958, BankAmericard was also the first card to offer revolving credit. In 1976, BankAmericard became known as Visa®—now a global corporation.”
Almost sounds like part of their scam. Credit card rewards only for online transaction opening the account. With the telephone involved, it was not technically an online setup. Cheaters.
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