Bank of America Ordered to Pay $540M Over Fees

Here are some key facts about the Bank of America (BoA) being ordered to pay $540 million over an FDIC lawsuit:

1. The Lawsuit Background

The Federal Deposit Insurance Corporation (FDIC) sued Bank of America for unfair overdraft fee practices.

The case stemmed from BoA’s acquisition of failed banks (like Colonial Bank in 2009) during the 2008 financial crisis, which the FDIC had taken over.

2. The Allegations

The FDIC accused BoA of improperly charging excessive overdraft fees to customers of the failed banks it acquired.

The lawsuit claimed BoA misled customers about how transactions were processed, leading to higher fees.

3. The Settlement

In 2014, a federal judge ordered Bank of America to pay $542 million in restitution.

The ruling found that BoA violated banking laws by manipulating transaction orders to maximize overdraft fees (a practice known as 'high-to-low' posting).

4. Broader Context

This was part of a larger crackdown on banks over predatory overdraft practices.

Other banks, including Wells Fargo and JPMorgan Chase, also faced similar lawsuits.

The Consumer Financial Protection Bureau (CFPB) later implemented rules to limit overdraft abuses.

5. Impact on Bank of America

The settlement was one of many legal penalties BoA faced post-2008 crisis, totaling billions in fines.

The bank later revised its overdraft policies to be more consumer-friendly.

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