A $200 million fine is expected to be paid by Bank of America, according to people familiar with the matter.
People who asked not to be identified because they weren't authorized to speak publicly said that the company would pay an amount in line with penalties levied across Wall Street banks.
A representative for Bank of America wouldn't say anything.
The bank reported $425 million of expenses in the second quarter. The bank said last week that it had been fined $225 million for unfair and deceptive practices related to a pre-paid card program.
Finance firms are required to keep a close eye on communications. Firms sent workers home shortly after the start of the Covid-19 outbreak because of the strained system. investigators have been looking into banks
Banks have a $1 billion bill due to the Wall Street texting habit.
Morgan Stanley disclosed last week that it faces a penalty related to the investigation. It said the $200 million expense was related to a specific regulatory matter.
Mark Mason, Citigroup's CFO, said during the company's earnings on Friday that Citigroup had a one-time reserve for the communications probe. He said that the amount was in line with what other people had said.
The Commodity Futures Trading Commission and the Securities and Exchange Commission imposed large fines on JP Morgan.
Regulators are poised to take $1 billion from the five biggest US investment banks for failing to monitor employees using unauthorized messaging apps, according to a report.
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