Bank Of America Accused Of Suspicious Activities

Bank of America is the second largest bank in the U.S. serving 68 million individuals and small businesses.

On Tuesday, federal regulators accused Bank of America of suspicious activities.

The bank allegedly charged customers double fees, withheld credit card regards, and opened fake accounts, all of which are violations of various consumer financial protection laws.

As a result, the Consumer Financial Protection Bureau ordered Bank of America to pay over $100 million to customers and $90 million in penalties. The office of the Comptroller of the Currency also ordered the bank to pay $60 million in fines.

Bank of America is the second largest bank in the U.S. serving 68 million individuals and small businesses.