![]() If a customer had too low of a balance to cover the transaction, it would be declined and BofA would charge the customer a $35 fee. ![]() The fees often came when customers had routine monthly transactions, like a gym membership. The agency determined that the bank double-dipped by allowing fees to be repeatedly charged for the same transaction. Part of the fines and penalties come because Bank of America had a policy of charging customers $35 after the bank declined a transaction because the customer did not have enough funds in their account, the CFPB said. Banks such as BofA, JPMorgan Chase, Wells Fargo and others have been a target for the bureau under the Biden administration. Empowered by a broad mandate from the White House, Chopra and the bureau have focused heavily in the past year on the issue of “ junk fees ” - fees charged to Americans that are often seen as unnecessary or exploitative by banks, debt collectors, airlines and concert venues.
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