It shouldn’t be difficult to receive the appropriate number of incentives for applying for a credit card.
And to be honest, most customers don’t anticipate being charged twice for the same mistake. Or prepare for a bank employee to open a credit card in their name without their knowledge or permission.
Bank Of America’s Credit Card Rewards Controversy
But garbage fees and marketing games exist and can keep businesses afloat. The Consumer Financial Protection Bureau criticized Bank of America on Tuesday for a number of unlawful acts that damage customer confidence.
The bank claims that such practices have already been stopped. The bank made no declarations of guilt or innocence.
Bank of America consented to pay $150 million in fines overall and $100 million in cash back to consumers. Bank of America has a history of misbehavior.
According to a statement from US PIRG’s Consumer Campaign Director, Mike Litt, the fact that the company is well-known and has received prior punishment didn’t stop it from allegedly defrauding clients out of tens of millions of dollars in fees and credit card rewards and opening accounts without their consent.
The Consumer banking Protection Bureau said in early 2022 that it will thoroughly investigate hidden fees and detrimental, anticompetitive banking practices.
The agency, according to Chopra at the time, was working to remove the banking sector’s reliance on what he called exploitative revenue sources.
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Unfair Practices Unveiled
When a customer’s account didn’t have enough funds to cover the bill, the bank used to charge a $35 fee once, and then many times for the same transaction.
The bank would impose an additional $35 fee if the organization or individual who was due the money attempted to resubmit that charge and the funds still weren’t in the customer’s account.
Bounced check fees, non-sufficient funds fees, and inadequate funds fees are some common names for these charges.
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