Bank of America Stealing from Customers a Major Issue

Bank of America has a long history of charging customers unnecessary fees, with over 90% of its customers being charged at least one fee in a given month. This can add up quickly, with some customers reporting fees totaling over $1,000 per year.

According to a study, the average Bank of America customer pays around $35 per month in fees, which translates to over $420 per year. This is a significant burden for many customers who are already struggling to make ends meet.

Bank of America has also been accused of using complex and misleading language to describe its fees, making it difficult for customers to understand what they are being charged for.

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Bank of America will pay $10 million for improperly garnishing customer accounts. This is a significant settlement, but it's essential to understand what led to this issue.

The bank let creditors take funds from customers' accounts even when state laws should have barred them from doing so. This means that some customers were left with nothing to live on.

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In 3,700 cases, Bank of America made customers pay a total of just under $600,000 in "garnishment fees" for processing their creditors' fund-extraction requests. This is a significant amount of money that customers shouldn't have had to pay.

From 2011 to 2016, Bank of America carried out around one million garnishment requests from creditors. This is a staggering number of requests that could have potentially led to similar issues.

The bank's failure to apply the correct restrictions to some of its customers and incorrectly telling them that the location of the court issuing the collection order mattered the most is a major concern. This shows a lack of attention to detail and a disregard for customers' rights.

Bank of America is paying a huge price for its mistakes. The bank will pay $10 million to settle a regulator's claim that it illegally helped some creditors strip funds out of its customers' accounts.

This is just a small part of the problem. From 2011 to 2016, Bank of America carried out around one million garnishment requests from creditors.

The Consumer Financial Protection Bureau said Bank of America had forced customers to agree to contracts that limited their ability to fight the creditors' actions. This is a big deal, as it left customers with little to no recourse.

In 3,700 cases, Bank of America made customers pay a total of just under $600,000 in "garnishment fees" for processing their creditors' fund-extraction requests. That's a lot of money for something that shouldn't have happened.

The regulator's claim is that Bank of America failed to apply the correct restrictions to some of its customers and incorrectly told the customers that the location of the court issuing the collection order mattered the most. This is a serious issue that affects people's lives.

Bank of America has enhanced its processes to ensure compliance with all applicable state laws as it executes court orders. However, the damage has already been done, and customers are still waiting for refunds.