Bank of America to Pay $250M in Refunds and Fines for Junk Fees, Fake Accounts

Bank of America breached customer trust and violated several consumer protection laws, theConsumer Financial Protection Bureau said Tuesday.

Bank of America didn’t immediately respond to CNET’s questions on when customers can expect compensation.

The CFPB estimatesbanks made over $15 billionfrom overdraft and NSF fees in 2019.

One option for consumers is tolook for banks that have reduced or eliminated their overdraft fees.

It’s also important to fully understand any terms that come along with signing up for an account.

Of course,junk feesaren’t only a problem with bank accounts.