WASHINGTON — A Bank of America Corp. spokesman said the company is discontinuing its online banking service for customers who have a credit or debit card, citing complaints from customers who said they did not receive the services.
The bank will no longer provide credit and debit cards and online banking accounts, spokesman Scott Dorn said Wednesday.
He did not give a reason for the decision.
Bank of America has been under fire from consumer advocates and regulators for allowing customers with credit cards to open bank accounts with a debit card.
The company said it had been working with credit card companies to resolve complaints from consumers about this practice.
The Consumer Financial Protection Bureau has launched an investigation into the company.
The bureau, which also recently fined Bank of Ameritrade Corp. $1 million, said it would not prosecute any customer for not having access to a bank account with a card or using an account to open a credit-card account.
The bureau also said it is reviewing whether banks should be required to notify customers of changes to their account information, such as adding a card.
Bank of Amerittrade declined to comment.
Consumer groups and consumer advocates say that customers are being misled about the safety of online banking, especially for credit card customers, which are increasingly using cards with less stringent security measures.
Banks do not have to provide credit card information to customers, but some companies have done so.