Bank of America facing class action lawsuit claims over allegedly improper fees, unauthorized accounts

Bank of America class action lawsuits overview: 

• Who: Consumers recently hit Bank of America with a trio of class action lawsuits. The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency also fined the bank. 
• Why: The class action lawsuits include claims Bank of America opened new customer accounts without consent, refused to pay promised sign-up bonuses to new credit card customers and misled account holders in New Jersey into paying undisclosed fees on incoming wire transfers. 
• Where: Bank of America has account holders nationwide. 
• How to find help: Consumers who had Bank of America open a fake account without their consent may qualify to join a free Bank of America fake accounts lawsuit investigation.

Bank of America made headlines in recent months over a trio of class action lawsuits and a fine the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) imposed on the financial institution. 

The class action lawsuits involve claims the bank opened unauthorized customer accounts, refused to pay sign-up bonuses to credit card applicants and misled account holders into paying undisclosed fees on incoming wire transfers. 

Bank of America opened new accounts without customer consent, class action says

A consumer filed a class action lawsuit against Bank of America near the end of August, claiming the financial institution opened new accounts for customers without first obtaining their consent. 

Bank of America is accused of creating an incentive program for workers to open accounts for its customers without their consent as a way to meet sales goals and inflate employee evaluations. 

“BoA engaged in and promoted a system of unfair, deceptive, illegal practices to maximize its performance and profits by generating and processing applications for and issuing accounts without class members’ knowledge or consent,” the Bank of America class action states.

Bank of America employees allegedly opened the unauthorized accounts from Jan. 1, 2012, to July 31, 2023, according to the Bank of America class action. 

BoA failed to give promised sign-up bonuses to new credit card holders, class action says

A consumer filed a class action lawsuit against Bank of America in July, alleging the bank failed to fulfill its promise to provide a sign-up bonus to customers who signed up for a new credit card. 

Bank of America is accused of failing to honor the promised bonuses for customers who signed up for new credit cards after allegedly saying it would provide them for anyone who applied via phone or in-person and spent a set amount during a set period of time.

“Whether the misrepresentation was made online or orally by Bank of America, members of the ‘class’ were promised that they would receive their full, as advertised sign-up bonus if they met the stated spending minimum within the time required,” the Bank of America class action states. 

Bank of America allegedly misled New Jersey account holders into paying undisclosed fees on incoming wire transfers

A consumer filed a class action lawsuit against Bank of America in late July, arguing the financial institution misled personal account holders in New Jersey into paying undisclosed fees on incoming wire transfers. 

The parent of a minor Bank of America account holder claims the bank hides from its customers in New Jersey that it allegedly charges a $15 fee for incoming wire transfers domestically and $35 internationally. 

“Plaintiff and similarly situated personal accountholders are shocked when — after no warning and no disclosure — they are assessed Incoming Wire Transfer Fees after receiving wire deposits into their accounts,” the Bank of America lawsuit states.

Bank of America fined $150M over non-sufficient funds fees

The CFPB and the OCC fined Bank of America $150 million in July over claims the financial institution charged its customers improper non-sufficient funds (NSF) fees, misled them about credit card bonuses and opened new credit cards without consent. 

Bank of America will pay $90 million in civil penalties to the CFPB, $60 million in civil penalties to the OCC and an additional $80.4 million toward refunding customers who were allegedly charged improper NSF fees. 

“Bank of America wrongfully withheld credit card rewards, double-dipped on fees and opened accounts without consent,” CFPB Director Rohit Chopra says in a statement. “These practices are illegal and undermine customer trust. The CFPB will be putting an end to these practices across the banking system.”

The OCC claims Bank of America charged tens of millions of dollars in NSF fees in total, with the agency arguing the alleged charges resulted in “substantial injury to customers that was not outweighed by any benefits to customers or competition.” 

Have you been affected by any of the Bank of America allegations? Let us know in the comments. 

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