Over $250 million will be paid by Bank of America for garbage fees and other issues

In order to resolve allegations that it routinely double-charged customers’ fees, failed to provide promised credit card benefits, and started accounts without the customers’ consent, Bank of America on Tuesday agreed to pay $250 million in fines and restitution.

Following allegations of many legal violations dating back to 2012 from the Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC), Bank of America agreed to pay $100 million in restitution to consumers who had been damaged and an additional $150 million in civil fines.

From February 2018 to February 2022, Bank of America made hundreds of millions of dollars by assessing numerous fees to customers who lacked sufficient funds in their accounts, according to a statement from the Consumer Financial Protection Bureau (CFPB). According to regulators, customers could not reasonably expect or comprehend that they would be charged $35 in fees every time the bank refused to fund a single transaction.

Bank of America stated in a statement that last year was voluntary and that a number of fees were eliminated or reduced.