Business ProfileforBank of America
Additional business information
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.
At-a-glance
Customer Complaints
7,649 complaints closed in last 3 years
2,705 complaints closed in last 12 months
Customer Reviews are not used in the calculation of BBB Rating
Related Categories
Business Details
This is a multi-location business.
- Headquarters
- 100 N Tryon St STE 220, Charlotte, NC 28202-4031
- BBB File Opened:
- 11/1/1949
- Years in Business:
- 76
- Business Started:
- 1/1/1948
- Business Incorporated:
- 7/31/1998
- Accredited Since:
- 11/1/1949
- Type of Entity:
- Corporation
- Number of Employees:
- 32767
- Alternate Business Name
- Bank of America Auto Leasing
- Bank of America Investment Services, Inc.
- Merrill Lynch
- 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
- Contact Information
Principal
- Mr. Brian Moynihan, President/CEO
Customer Contact
- Mr. Brian Moynihan, President/CEO
- Executive Relations
- Mr. Raul Arauz, Assistant Vice President
Customer Complaints
7,649 Customer Complaints
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File a ComplaintMost Recent Customer Complaint
11/04/2024
- Complaint Type:
- Product Issues
- Status:
- Answered
Customer Reviews
1,170 Customer Reviews
What do you think? Share your review.
Most Recent Customer Review
Sean T
1 star11/15/2024
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