![]() 0.66% agreed to pay $3.7 billion for wrongdoing and mismanagement, including more than than $2 billion in redress to consumers. The moves come amid a crackdown by the Biden administration against junk fees. 11, 2022, announcement about Bank of America reducing its overdraft fees and eliminating nonsufficient-fund fees.īank of America’s stock was up 1% in regular trades. ![]() As a result of these industry-leading changes, revenue from these fees has dropped more than 90%.” The CFPB will be putting an end to these practices across the banking system.”Ī Bank of America spokesperson said: “We voluntarily reduced overdraft fees and eliminated all nonsufficient-fund fees in the first half of 2022. “These practices are illegal and undermine customer trust. “Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent,” said CFPB Director Rohit Chopra. Bank of America will pay penalties of $90 million to the CFPB and $60 million to the OCC.
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