Consumer Watchdog

Bank of America to pay consumers caught up its July scandal

Consumers affected by fake accounts, bogus fees and withheld rewards will get millions

If you were affected by Bank of America’s recent improper activity involving illegal fees, fake credit card accounts and withheld credit card reward points, you should be hearing from the company soon.

The Consumer Financial Protection Bureau (CFPB) on July 11 ordered Bank of America to return more than $100 million to customers, and pay $150 million in penalties to the CFPB and the Office of the Comptroller of the Currency.

The CFPB gave Bank of America 30 to 90 days, depending on the issue, to submit a “redress plan” for identifying, notifying, and compensating affected consumers. Customers should keep an eye out for official notices from Bank of America in the weeks ahead, but also watch out for imposter emails and text messages.

Consumers can submit complaints about financial companies and products by going to the  CFPB’s website or by calling 855-411-CFPB (855-411-2372).

Employees who believe their companies have violated consumer financial protection laws are urged to contact the CFPB by email at [email protected]. To learn more, go to the CFPB’s website.

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