The Financial Industry Regulatory Authority has fined Bank of America's Merrill Lynch unit for $8 million.
F.I.N.R.A. said the company failed to waive charges for mutual fund sales for some charities and retirement accounts.
The regulator has ordered Merrill Lynch to pay back $24.4 million to affected customers.
Sign up for breaking news alerts, click here.
FINRA fines Bank of America $8 million
Alcohol permit pulled from club after employee shoots, kills patron
Domino's driver shot during possible robbery in east Charlotte
Fort Mill pharmacy robbed of $73,000 in pills, authorities say
FAA investigating if debris found in NE Charlotte is from London-bound flight