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Bank of America accused of double-dipping on fees, ordered to pay $250 million in fines
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livemint.comBank of Baroda denies linking bank accounts to stray mobile numbers Bank of America will now have to pay $90 million in penalties to the CFPB, $60 million in fines to the Office of the Comptroller of the Currency and $100 million in customer restitution. Meanwhile the company noted in an emailed statement to Bloomberg that it had “voluntarily reduced overdraft fees and eliminated all non-sufficient fund fees in the first half of 2022." As a result of these changes, Bank of America saw a more than 90% drop in revenue from these fees.
It declined to address the case or the allegations against the lender. (With inputs from agencies)
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