For more than a decade, thousands of Wells Fargo employees, under pressure to meet sales goals, opened up millions of fake bank accounts without permission from customers, collecting millions of dollars in fees and interest. Other banks like Wells Fargo have been caught violating U.S. Almost 10 years ago, Bank of America was caught conducting illegal credit card practices and ordered to pay $727 million in redress to its victims, federal regulators said. Bank of America also had to pay hundreds of millions of dollars in redress to consumers, CFPB said.
In July, the bank was ordered to pay a $225 million fine for botching the disbursement of state unemployment benefits during the pandemic. Last May, Bank of America had to pay $10 million in a civil penalty, after federal regulators said the bank unlawfully garnished the accounts of thousands of customers. This is not the first time Bank of America has been investigated for illegal practices.
