Next Steps for Victims of Bank of America’s Deceptive Schemes

Big bank to pay $100 million to harmed consumers

Andy Spears

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Photo by Javier Haro on Unsplash

America’s second-largest bank is no stranger to getting caught harming consumers.

Since 2014, Bank of America has paid more than $1 billion in fines and penalties for various forms of malfeasance.

Most recently, the company was ordered to pay $250 million for schemes that included “double-dipping” on overdraft fees and opening credit accounts without customer authorization.

$100 million of that penalty will be refunds to harmed consumers:

In other consumer finance news, a rent-to-own financing company is being sued for breaking the law by using deceptive marketing tactics and by making illegal threats in the debt collection process.

Here’s more on the consumer protection lawsuit against Snap Finance:

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Andy Spears

Writer and policy advocate living in Nashville, TN —Public Policy Ph.D. — writes on education policy, consumer affairs, and more . . .