BANKING & FINANCE - March 25, 1993
From Times Staff and Wire Reports
B of A to Refund Some Fees: Bank of America said it set aside $50 million in the fourth quarter last year to cover refunds to customers of Security Pacific’s trust department who apparently were routinely overcharged on fees in the last two decades. B of A, which bought Los Angeles-based Security Pacific a year ago, determined after a yearlong investigation that holders of something under 3,000 accounts were not given adequate details when asked to consent to fee increases. B of A, based in San Francisco, said it intends to refund with interest all fees charged in such cases. The bank said the action is not expected to have a material effect on corporate results.
