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It is a similar to, but smaller than, a charge that was made against Wells Fargo, which paid billions in fines after it was determined that the San Francisco bank opened millions of unauthorized bank accounts in order to meet unrealistic sales goals. The CFPB also found that, since at least 2012, Bank of America employees illegally applied for and enrolled consumers in credit card accounts without their knowledge or authorization. We also included the 4,200 bank wire to the cryptocurrency exchange in the same case, even though it was clear that the argument would be a much more difficult to prove. Bank of America, et al., the district court granted the defendant banks’ motions to dismiss, holding that the plaintiff’s common law claims were preempted by the Illinois. Regarding the 27,000 in bank wires that had been sent directly to the merchant, we compiled a powerful case to justify a wire recall due to fraudulent misrepresentation.
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The bank said that it voluntarily reduced overdraft fees and eliminated all non-sufficient fund fees in the first half of last year.īank of America also offered people cash rewards and bonus points when signing up for a card, but the CFPB said the bank illegally withheld promised credit card account bonuses. A recent decision out of the Northern District of Illinois should help banks defend against increasingly common claims involving fraudulent wire transfers. Select the account you want to transfer From and then the account you want to transfer To. Brian Moynihan, the bank’s CEO and chairman, told The Associated Press in 2022 that under these new policies, overdraft fee income was down 90% from 2021. From the mobile app: 3 Select Pay & Transfer then Transfer between my accounts. The bank ended this practice last year, but will still have to repay customers who got charged before the policy was changed.īofA has been cutting down on its reliance on overdraft fee revenue for more than a decade, and cut how much it charges customers for an overdraft to $15 last year.