Raymond James will pay $ 12m in restitution for bank overdrafts

A U.S. regulator said units of Bank of America Corp (N:BAC) and Raymond James Financial Inc (N:RJF) will pay roughly 12 million in restitution to customers who incurred excess fees on their investments in so-called 529 plans, which are used to encourage saving for educational expenses.

The Financial Industrial Regulatory Authority said Bank of America’s Merrill Lynch unit will pay at least $4 million and the Raymond James units will pay about $8 million. None of the units admitted or denied wrongdoing.StockMarket

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