Federal regulators are accusing Bank of America of opening accounts in people's name without their knowledge, overcharging customers on overdraft fees and stiffing them on credit card reward points.
Federal regulators are accusing Bank of America of opening accounts in people's name without their knowledge, overcharging customers on overdraft fees and stiffing them on credit card reward points.
The agency, which was launched in 2010 after the housing crash to protect Americans from financial abuse, also said Bank of America illegally accessed customer information to open sham bank accounts on their behalf. The allegation echoes a 2017 scandal involving Wells Fargo, whose employees were found to have of fake accounts for unsuspecting customers in order to meet unrealistic sales goals.
Bank of America also offered people cash rewards and bonus points when signing up for a card, but illegally withheld promised credit card account bonuses, the regulators said.
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