State University of New York Institute of Technology
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Bank of America to pay $772 million for illegal credit card practices

 

Bank of America to pay $772 million for illegal credit card practices  

 

Bank of America, one of the United States most well-known banks is being charged for illegal credit card practices. Around 2.9 million people were affected by this act of deception which forced into signing up for services such as credit monitoring or identity theft protection and also being wrongfully charged for such services. This was noticed during a crackdown by the Consumer Financial Protection Bureau. Bank of America was currently 1 of 5 financial service companies to be charged with similar allegations. Bank of America has been charged $772 Million; $727 Million of that will refund customers for the fraudulent charges and the remaining $45 million will pay the fines for the illegal credit card practices. The Bureau states that they will continue to pursue similar crimes within these types of businesses to prevent this from continuing. 

 

http://www.latimes.com/business/money/la-fi-mo-bank-of-america-credit-card-consumer-financial-protection-bureau-20140409,0,1935530.story#ixzz2zQdfZ49q


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