BofA will repay customers $100 million, pay $150 million in fines for 'double-dipping' fees, fake accounts

Regulators say the bank “double-dipped” by allowing fees to be repeatedly charged for the same transaction.

NEW YORK — Bank of America will reimburse customers more than $100 million and pay $150 million in fines for “double-dipping” on overdraft fees, withholding reward bonuses on credit cards and opening accounts without customer consent.

Combined, it is one of the highest financial penalties in years against Bank of America, which has largely spent the last 15 years trying to clean up its reputation and market itself to the public as a bank focused on financial health and not on overdraft fee income and financial trickery.

BofA

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