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No one is surprise by this but another bank has committed fraud. Federal regulators said they found that Bank of America harmed customers by double-dipping on fees, withholding credit card rewards and opening fake accounts, all of which are violations of various consumer financial protection laws. For example, regulators found that the bank, which normally charged customers $35 if their transaction was declined due to insufficient funds, allowed those fees to be “repeatedly charged” for the same transaction, resulting in customers being charged “tens of millions of dollars in fees on resubmitted transactions,”

As a result of their investigation the Consumer Financial Protection Bureau ordered Bank of America to pay more than $100 million to customers and $90 million in penalties. The Office of the Comptroller of the Currency also ordered Bank of America to pay $60 million in fines. Bank of America stated "We voluntarily reduced overdraft fees and eliminated all non-sufficient fund fees in the first half of 2022. As a result of these industry leading changes, revenue from these fees has dropped more than 90 percent,". So basically, they decided to change once they got caught. Groundbreaking.

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