Bank of America told to pay $2.8 mill fee for stealing $32.2 mill from customers

Merrill Lynch, Bank of America‘s wealth-management unit, was recently slapped with a $2.8 million fine for overcharging its customers by $32.2 million over an eight-year period.

Over 95,000 customers were charged between April 2003 and December of 2011.

The ruling was passed down by the Financial Industry Regulatory Authority. Curiously the FIRA is filled withmembers who have a history in the banking industry, making the reason why the fine for their bad behavior did not exceed the amount taken is all that more clear.

Naturally Bank of America offers very little in way of apology. Their official spokesman, Bill Halldin, claims that the overcharging was the result of “improper coding of accounts.”