Just Another Big Bank Scandal
Bank of America to pay $250 million fine — but no one will go to jail
It’s another day.
Why not another scandal involving one of America’s largest banks?
It seems Bank of America was double-dipping on overdraft fees and opening new accounts without customer permission.
Now, they will be fined and have to repay customers. But that’s it.
No BofA execs will face jail time. The company will pay the fine and keep doing business.
And it’s business as usual — BofA has paid more than $1 billion in fines, penalties, and customer reimbursements as a result of illegal activity since 2014.
The findings of the CFPB investigation indicate that Bank of America failed to credit promised credit card rewards — essentially keeping money promised to customers. The bank also charged overdraft fees ($35 each) multiple times for the same transaction, resulting in millions of dollars in illegally-gained profit at the expense of customers. The bank also…
