Bank of America goes down for service fraud
The Bank of America is facing a combined $772 million in refunds and fines as a settlement for illegal credit card practices. They claimed to offer services such as credit monitoring and identity theft protection, which were claims that weren't backed with any crediability. After investigations of by the bureu of deceptice marketing, enrollement and billing, the Bank of America will be expected to pay (included in the previously stated $772 million) $20 million in civil penalty to the bureau, and $25 million in civil penalties to the Office of Comptroller of the Currency.
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