Business

30$ million dollar fine imposed on Bank of America

30$ million dollar fine imposed on Bank of America

On violating consumer protections the bank of America, the 2ndlargerst bank of USA, has been fined 30$ million.The bank has also agreed to payback unfair interest payments to some consumers.

Bank of America The bank has taken an illegal action against military clients for wrong credit card overdrafts and accounts. Bank employees have signed documents, related to legal actions against such customers, without having true knowledge of allegations.  It is to be noted that military customers has some special consumer protections in the law. However, the bank authorities said that they will continue to improve their law compliance in future.

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