Bank of America to pay $230M over junk fees, fake accounts

Bank of America agreed to pay approximately $230 million to settle charges levied by the Consumer Financial Protection Bureau (CFPB) and Treasury Department’s Office of the Comptroller of the Currency (OCC) over alleged junk fees, withheld credit card rewards, and the opening of fake accounts.

Bank of America will pay approximately $80.4 million in consumer redress, $60 million to the CFPB for charging junk fees, $30 million to the CFPB for withholding rewards and opening unauthorized accounts, and another $60 million to the OCC regarding its double-dipping fee practices, the CFPB announced in a press release Tuesday.

The bank previously paid about $23 million to consumers who were denied rewards bonuses, the CFPB said.