July 13, 2023
Contact: Amanda Fried, 415-554-0889
*** STATEMENT ***
Bank of America betrayed customers by opening credit card accounts without consent, double-dipping on insufficient fund fees, and withholding credit card reward bonuses. The harm to individuals is significant, and these actions will continue to erode trust in our banking institutions. I’m grateful to the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) for their actions and commitment to repair for those impacted by Bank of America.
I started the Bank On program in 2006 to help low income consumers identify safe bank accounts for their money. As Treasurer, I firmly believe a bank or credit union account is the safest place for someone’s money. Each time a bank violates the trust of consumers and displays wonton disregard for the law, people turn away from banks and towards products that are far less secure. I am encouraged by Bank of America’s 2022 move to eliminate non-sufficient fund fees and reduce overdraft fees. I will be monitoring this situation closely, and do everything in my power to make sure the actions of Bank of America don't undermine our trust with low-income unbanked and underbanked San Franciscans.
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Read more about CFBP's enforcement actions against Bank of America and what's ahead for customers.