Right now, you may get a chance for a share of $100 million if you banked with Bank of America. The bank was charged by the U.S. government’s Consumer Finance Protection Board (CFPB) for opening cards and accounts without the customer’s permission, as well as for allegedly withholding credit card points and overcharging customers with overdraft fees. These were illegal and unethical acts according to CFPB and now the bank has to pay $250 million in fines. $100 million will go to Bank of America customers, and you could be one of the 68 million customers who will get a refund or payout soon!
Bank of America Has To Compensate Customers For Unauthorized Account Openings.
The CPFB says Bank of America used customers’ private information to open new credit card accounts without their consent or knowledge. They may have done this since 2012. They also kept credit card rewards and bonuses from customers who opened accounts. The CFPB says many customers did not get the rewards and bonuses they were promised or missed because of system errors.
Bank of America Compensates Customers For ‘double-dipping’ Overdraft Fees.
Bank of America used to impose a $35 charge on customers when their transactions were declined due to insufficient funds. The investigation conducted by the CFPB revealed that the bank engaged in ‘double-dipping’ by repeatedly applying fees for the same transaction. This unauthorized practice resulted in substantial additional revenue for Bank of America over several years.
How To Find Out If You’ll Get Paid
You can check your bank statements or credit report to see if there is an account that you did not open with Bank of America. These records should show the bank accounts and credit cards that you have. If you find one that is unfamiliar from Bank of America and you have no proof of opening it, it might be a fake account.
If your account is fraudulent the CFPB will let you know if you can get money from the Bank of America payout. They will usually send you a letter with details about the payment and how to get it.
But mostly this is how it works The CFPB will pay you from the CFPB Civil Penalty Fund if you can get a refund or payout from Bank of America after the investigation. The Civil Penalty Fund pays money to victims twice a year (May 30th and November 29th). Click here to see the allocation schedule.
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