By CNN
Federal regulators said Tuesday they found that Bank of America harmed customers by double-dipping on fees, withholding credit card rewards and opening fake accounts, all of which are violations of various consumer financial protection laws.
- MORE COVERAGE: BofA hit with $250 million in fines and customer refunds for ‘double-dipping’ fees, fake accounts
As a result, the Consumer Financial Protection Bureau ordered Bank of America (BAC) to pay more than $100 million to customers and $90 million in penalties. The Office of the Comptroller of the Currency also ordered Bank of America (BAC) to pay $60 million in fines.
The bank is the second largest in the United States, serving 68 million individuals and small businesses.
What to know if you’re eligible for payment
If you think you’ve been affected by the double-charging-of-fees violation or the fake account violation, you don’t need to take action to receive your payment, according to the CFPB.
The onus will be on Bank of America to send payments to anyone who is eligible. The bank will either put funds into your deposit account or will send you a check.
The credit card customers who were promised rewards that were not delivered have already been paid, according to the CFPB, so it is not ordering Bank of America to provide further remediation for that group.
Later this month, the CFPB will post on its website the point of contact at Bank of America for further consumer inquiries.
