Bank of America, a Left-leaning institution, compensates customers significantly following allegations of defrauding

Bank of America (BoA) has recently faced allegations of fraudulent actions that have impacted numerous clients across the country.

These actions include illegally sharing client transaction information with the FBI.

In order to address these allegations, BoA has agreed to pay out more than $100 million as compensation.

Here’s What You Need To Know

The Consumer Financial Protection Bureau (CFPB) is responsible for handling cases where consumers are defrauded.

Following an investigation into BoA’s practices, the CFPB has fined the bank over $100 million for various violations.

These violations include:

• Charging customers multiple times for insufficient funds
• Withholding credit card benefits and rewards
• Unauthorized account openings on behalf of customers

According to CFPB chief Rohit Chopra, BoA’s illegal practices of double-dipping, unauthorized actions, and failure to fulfill contractual obligations must have consequences.

how bank of america, wells fargo & JP morgan are still able to operate after blatant fraud is beyond me. https://t.co/4SpjOnkdLG

— XRP DYNASTY⑇ (@XRPDYNASTY) July 11, 2023

Who Is Impacted By BoA’s Criminality?

The CFPB states that hundreds of thousands of BoA clients have been affected by these illegal actions.

Customers experienced multiple $35 charges for insufficient funds, instead of the agreed-upon one-time fee.

Furthermore, promised credit card rewards were not provided to clients who signed up for BoA credit cards.

Unauthorized account openings occurred when employees, in order to meet quotas, used confidential client information to enroll individuals in credit cards and accounts without their knowledge or consent.

Bank of America fines:

$250 million in 2023 for consumer abuses

$225 million in 2022 for disbursement violations

$727 million in 2014 for illegal credit card practices

$16.65 billion in 2014 for financial fraud

Why aren’t more people talking about this?

— ushi (@Ushi_xoxoo) July 12, 2023

The Bottom Line

The recent allegations against BoA highlight the importance of being cautious and questioning the trustworthiness of banks. BoA should promptly reimburse affected customers.

This article appeared in Our Patriot and has been published here with permission.