Bank of America customers could be in line for a pay out, after a settlement was agreed that saw the bank set aside $21 million for affected parties.
The settlement affects customers who were with the bank between 2019 and 2023, and were charged certain wire transfer fees on incoming payments.
With the settlement set to close next month, we explain everything you need to know about the case, including if you’re eligible and how to claim.
Bank of America Settlement Explained
A class action was brought against the Bank of America, after the plaintiff argued that the bank violated account agreements and charged a hidden fee.
It is claimed that the bank charged a $15 fee for incoming wire transactions, and that it purposefully obscured these transactions without consent. the plaintiff requested that refunds be made where this was the case.
The case in question is Aaron Aseltine v. Bank of America, N.A., CaseNo. 3:23-cv-00235. For its part, Bank of America denies any wrongdoing, but has agreed to settle and pay those affected by the fees.
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Who is Eligible for Bank of America Settlement?
Wondering if you’re entitled to a slice of the $21 million pay out? Thankfully the terms of eligibility are pretty straightforward:
- You were a Bank of America checking or savings account holder between March 8 2019 and August 31 2023.
- You received an incoming wire transfer
- You were charged a $15 fee for the transaction
If you are eligible, you may have already received a communication from the bank about the settlement.
Find out if you’re eligible for the $1.2 million Direct Express settlement
How To Claim in Bank of America Settlement
If you want to claim in the Bank of America settlement, then the good news is that you really don’t have to do much.
Those eliglble should be automatically included in the settlement, and after the hearing date, you should receive your payment.
If you don’t want to be included in the settlement, you can raise your objection, but you’ll need to do it by September 21 2024. You can do this by visiting the official settlement website. Similarly, if you feel you should be included in the settlement and want to check if you are, visit the settlement site.
At this time there’s no indication of how much each individual person will receive from the settlement, as we don’t know how many are affected. However, it’s worth noting that a third of the settlement amount ($7 million) is going on legal fees.
If you’re wondering when you can expect your payment, the final hearing is set for October 21 2024, so presuming there are no objections, payments will follow sometime after this. Current Bank of America customers will receive it as a bank credit, while those that have since left the bank will receive a check.
