Bank of America logo on a buildingBank of America's Cash Sweep Program Attracts New Legal Fire in Class Action
A New Jersey resident accused the bank of offering paltry interest rates on its "cash sweep" accounts.
November 14, 2024 at 06:46 PM
3 minute read
Bank of America has been hit with a new class action over its cash sweep program, with a New Jersey resident accusing the bank of automatically sweeping money into accounts with unreasonably low interest rates.
Robert Campton Jr. alleged that Bank of America and its subsidiary, Merrill Lynch Pierce Fenner & Smith Inc., offered interest rates between 0.01% and 0.15% on money placed in its cash sweep program, despite receiving "substantial" returns on the cash.
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