CHARLOTTE, N.C., April 9 (UPI) -- Bank of America will pay $800 million in refunds to cutovers and fines to regulators to settle allegations that it deceived customers with fraudulent credit card practices.
The Consumer Financial Protection Bureau said Bank of America illegally charged customers for services, such as credit monitoring and credit reporting services, without actually providing the services. The bank will pay consumers $772 million in refunds, a $20 million fine to the CFPB and a $25 million fine to the Office of Comptroller of the Currency.