About
Important information
- Government Actions:Government Action: BBB reports on known government actions involving business’ marketplace conduct:United States of America Consumer Financial Protection Bureau v. Bank of America, N.A.
On July 11, 2023, the business entered into a Consent Order with the United States of America Consumer Financial Protection Bureau. The Consent Order settles allegations that the business engaged in unfair and deceptive acts or practices in violation of the Consumer Financial Protection Act, the Truth in Lending Act, and the Fair Credit Reporting Act in connection to the assessment of repeat non-sufficient fund (NSF) fees, the opening of unauthorized consumer financial accounts, and misleading statements regarding certain credit cards rewards.
Under the terms of the Consent Order, the business agreed to:
- Refrain from assessing re-presentment NSF fees.
- Refund all affected consumers for unreimbursed re-presentment NSF fees, providing no less than $80,400,000 in total consumer redress.
- Conduct a comprehensive review to determine if additional redress should be provided to targeted consumers who signed up for a rewards card but did not receive the sign-up bonus.
- Submit a comprehensive plan for providing redress to account-opening affected consumers.
- Disclose material limitations to the availability of terms and conditions of any rewards card and provide benefits to consumers as advertised.
- Cease using sales goals for compensation or for performance management to incentivize its financial center employees for a period of three years.
- Pay $90,000,000 in combined civil penalties to the Consumer Financial Protection Bureau.The Consent Order was for settlement purposes only and should not be considered as an admission of guilt or finding of violation of the law.
Overview
BBB Accredited Since: 11/1/1949
Years in Business: 77
BBB Accreditation & Rating
Business Details
- BBB File Opened:
- 11/1/1949
- Business Started:
- 1/1/1948
- Business Incorporated:
- 7/31/1998
- Type of Entity:
- Corporation
- Alternate Names:
- Bank of America Auto Leasing
- Bank of America Investment Services, Inc.
- Merrill Lynch
- NationsBank
- Merrill Edge
- ReconTrust
- Bank of America Corporation
- Merrill Edge Financial
- FIA Card Services
- Merrill Lynch Wealth Management
- BankAmericard Center
- Bank of America Financial Center
- Business Management:
- Mr. Brian Moynihan, President/CEO
- Executive Relations
- Mr. Raul Arauz, Assistant Vice President
- Mr. Jason Carter, Vice President
- Mr. Darwin Muniz, Senior Vice President
- Number of Employees:
- 32767
Additional Contact Information
- Principal Contacts
- Mr. Brian Moynihan, President/CEO
- Customer Contacts
- Mr. Brian Moynihan, President/CEO
- Executive Relations
- Mr. Raul Arauz, Assistant Vice President
Additional Information
- Business Categories
- Bank, Investment Advisory Services, Credit Card Equipment
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