Bank of America has been ordered to refund customers in New York for certain practices conducted by the company that have recently come under scrutiny.

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Bank of America has found itself in a bit of hot water as the Consumer Financial Protection Bureau (CFPB) has issued an order for the bank to pay restitution to customers affected by the practices in question.

Federal regulators found that between 2018 and 2022, the bank charged customers for services they never received, charged excessive fees, and misled customers about the benefits of certain products.

The Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) ordered Bank of America to pay a total of $250 million in refunds and fines.

Under the CFPB's order, Bank of America is required to refund $80.4 million in repeat non-sufficient fund fees and pay a $60 million civil penalty. The OCC's order requires the bank to pay $90 million in refunds to customers for deceptive practices and other charges.

Bank of America has been ordered to identify affected customers and issue refunds to affected customers directly either in the form of credits to their accounts or by mailing checks.

It is not known yet how long it will take for the refunds to be processed but impacted customers should see refunds by sometime in mid-December.

If you believe that you may have been affected by the questionable practices of Bank of America, you should monitor your account and contact your bank immediately if you suspect that there are any discrepancies.

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