Jul 11, 2023
Bank of America accused of opening credit cards without customer consent
Bank of America has been ordered to pay out $150m in penalties after it was found to have opened credit cards without customers' permission. The regulator said Bank of America illegally applied for and enrolled consumers in credit card accounts without their knowledge or authorisation to help bank employees reach sales incentive goals. Customers were charged unjustified fees and "Suffered negative effects to their credit profiles", said the CFPB. Bank of America is also accused of double-dipping fees that were charged when a customer had insufficient funds in their account. Bank of America also eliminated sales goals for its credit card staff in January 2023, and agreed to keep that change in place for at least three years. Rohit Chopra, director at the CFPB, said: "Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent."These practices are illegal and undermine customer trust.
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