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Those are all going to happen automatically. We identified illegal activity in Bank of America’s credit card business where they withheld rewards in the form of cash. And in many cases, those refunds have already started. We identified this occurring at Bank of America, and I’ve ordered them to clean up these practices, and they will be suspending their sales goals that lead to these fake accounts.īrancaccio: For people who have or had Bank of America accounts, what’s the process? Do customers have to figure out where they’ve been dinged and then prove it?Ĭhopra: So consumers do not need to do anything to get these refunds. This was, of course, most famously discovered at Wells Fargo about a decade ago, leading to so many illegal applications and enrolling consumers in accounts that they never wanted and without their knowledge.

I think what we have found across a number of banks is pressure cooker sales goals pushed on employees. I mean, is this about fine print on approval forms, or were accounts open, the customers had no intention of opening?Ĭhopra: It’s more of the latter. In this case, we found that a single transaction might lead to multiple fees, because of the way they set up their systems.īrancaccio: Another piece of this was opening accounts without customers’ permission. Some of it involves reordering payment transactions, so that people might think they have enough money, but once it’s reordered, they pay even more. And there’s all sorts of ways they generate more of these fees. We found that banks are charging all sorts of fees to customers who may not have enough money in their account. But they may have ended up paying a fee more than one time for that one withdrawal? The following is an edited transcript of their conversation.ĭavid Brancaccio: So in the case of the overdraft fees, a customer tries to take out more money than they have, that’s not allowed, and there’s a fee. He spoke with Marketplace’s David Brancaccio on the day the news came out. Rohit Chopra is director of the Consumer Financial Protection Bureau, one of the regulatory agencies that’s slapped these penalties on Bank of America.

Bank of America, the second largest bank in the country, will give $100 million back to customers and pay steep fines for double-dipping on fees and opening accounts without permission.

Create fake suntrust bank statement template