Federal regulators hit Bank of America with a $250 million penalty for opening credit-card accounts in customers’ names without their consent and double-charging fees.
The Consumer Financial Protection Bureau said the bank opened credit-card accounts without permission from customers using credit reports it obtained illegally.
Bank of America employees also improperly withheld credit-card rewards and charged overdraft fees several times for the same transactions, the CFPB and another regulator, the Office of the Comptroller of the Currency, said.
Read the full story on The Wall Street Journal here.