Bank of America fined and ordered to issue refunds

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According to the Associated Press, Bank of America will reimburse customers more than $100 million and pay $150 million in fines for “double-dipping” on overdraft fees, withholding reward bonuses on credit cards, and opening accounts without customer consent.

Questions:

  1. How did the double-dipping work?
  2. When did Bank of America end this practice?
  3. The bank cut down its overdraft fee from what amount to what amount?
  4. After Bank of America voluntarily reduced overdraft fees and eliminated all non-sufficient fund fees in the first half of last year, how was its overdraft revenue affected?
  5. What government bureau will receive these fines?

Source:

Sweet, K. and M. Chapman. (2023). BofA hit with $250 million in fines and customer refunds for ‘double-dipping’ fees, fake accounts. The Associated Press, July 11 (Retrievable online at https://www.msn.com/en-us/money/companies/bofa-hit-with-250-million-in-fines-and-customer-refunds-for-double-dipping-fees-fake-accounts/ar-AA1dIrGm?ocid=msedgntp&cvid=35b0c9f7e1ff427eb780760f55f63106&ei=13)