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The loud "ouch" heard at credit union offices on July 11, 2023, was due to Bank of America (BofA) being hit with a $250 million fine for a variety of actions, much of it related to NSF fees. Specifically, the CFPB report cited that BofA was "systematically double-dipping on fees imposed on customers with insufficient funds in their account," and was fined for this and other charges, according to the CFPB.
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