The Fed issued its cease and desist order and ordered the bank to pay a civil money penalty of $2.4 million. The NYDFS also issued a similar consent order with a monetary penalty of $30 million.

Merrill discovered the issue in 2019 and later told regulators, according to the SEC’s order. Bank of America shares closed up 1.3% at $29.02.

Under the consent order, PIRG's Litt noted, Bank of America will have 90 days to submit a plan for identifying, notifying, and compensating consumers who experienced the double-dipping of fees.

Bank of America is being ordered to pay more than $100 million to customers for double-dipping on some fees, withholding reward bonuses and opening some accounts without customer consent.

In 2020, the CFPB ordered TD Bank to provide an estimated $97 million in restitution to about 1.42 million consumers and to pay a $25 million penalty for illegal overdraft practices.

But regulators are pushing back on them more aggressively. In the latest case, they've ordered Bank of America to pay $250 million in fees and penalties, some of which will go back to customers.

The order comes less than a year after the CFPB's largest fine against any bank to date in late 2022, when the agency ordered Wells Fargo to pay $2 billion to customers and a $1.7 billion penalty ...