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Bank of America to pay $10 million for illegal garnishments

Source: Chris Prentice, Reuters

The U.S. Consumer Financial Protection Bureau said it ordered Bank of America to pay a $10-million civil penalty for processing payments to creditors from customers' accounts in 3,700 cases and leaving the customers paying at least $592,000 in related fees since August 2011.

The CFPB alleged the bank unlawfully froze customer accounts, charged garnishment fees and sent payments to creditors based on out-of-state court orders that should have been processed under the laws of the states where the customers lived.

Read Full Article: Bank of America to pay $10 million for illegal garnishments

 

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