Bank of America Ordered to Pay $100 Million: How to Know if You're Eligible

Bank of America has agreed to pay back hundreds of thousands of customers after being accused of double-dipping on fees, withholding promised credit card rewards and misappropriating customer information to open fake accounts.

On Tuesday, the Consumer Financial Protection Bureau (CFPB) ordered the nation's second-largest bank to pay more than $100 million to customers for allegedly charging fees repeatedly on the same transaction, failing to honor special offers and rewards, and enrolling consumers in credit cards without their knowledge or authorization to meet sales-based incentive goals.

CFPB Director Rohit Chopra slammed Bank of America for its alleged "illegal" practices, emphasizing that those actions "undermine customer trust" in the banking system.

The global bank serves 68 million people and small-business clients and offers extensive consumer financial services in the U.S.