Bank of America ordered to pay over $100M for 'double-dipping on fees,' withholding credit card rewards

Federal regulators are ordering Bank of America to pay over $100 million to customers for illegally charging junk fees, withholding credit card rewards and opening fake accounts. 

The Consumer Financial Protection Bureau (CFPB) said in a statement Tuesday that the bank was also ordered to pay an additional $90 million in penalties to the CFPB and $60 million in penalties to the Office of the Comptroller of the Currency. 

The CFPB specifically accused the bank of harming "hundreds of thousands of consumers over a period of several years" for, in part, "systematically double-dipping on fees imposed on customers with insufficient funds in their account," which the Office of the Comptroller of the Currency said was illegal.