A $21 million class action settlement with Bank of America resolves hundreds of allegations that the bank’s fees breached account agreements. The settlement may benefit American consumers who paid banking fees in the recent past. Between March 8, 2019, and August 31, 2023, wire transfer fees were assessed to customers with Bank of America consumer checking or savings accounts for incoming payments.
If someone feels harmed by one of the financial company’s banking practices, this modest win for Bank of America customers sets a strong precedent that may lead to other class action lawsuits and financial recompense. With a rich history that dates back to the turn of the 20th century, Bank of America is among the most influential financial companies in the country.
$21M Bank of America Wire Transfer Fee Class Action Settlement
- In response to incoming wire transfers to certain accounts, Bank of America allegedly assessed fees of up to $15, in violation of the terms of the class action complaint. The plaintiffs claimed that the bank had purposefully hidden these fees from the account owners in order to profit from their ignorance; this action was taken without their knowledge or agreement and was supposed to have caused them financial harm.
- In order to address claims that it assessed hidden wire transfer fees on incoming funds, Bank of America has consented to a $21 million settlement. Customers who had bank accounts and paid these fees between 2019 and 2023 are impacted by this settlement. Aaron Aseltine v. Bank of America, N.A., Case No. 3:23-cv-00235, is the name of the class action complaint that was filed against the bank.
- The bank was accused by the plaintiffs of imposing an unauthorized $15 charge for inbound wire transfers, in violation of the terms of the account agreements. Even though Bank of America denies any misconduct, the company has consented to resolve the matter and reimburse impacted clients.
Bank of America Settlement 2024 Details
| Bank Name | Bank of America |
| Amount | $21M |
| Exclusion and Objection Deadline | September 21, 2024 |
| Final Approval Hearing | October 21, 2024 |
| Official Website | www.banawiretransferfeesettlement.com |
Eligibility for the Bank of America Settlement
You will get your cash without having to do anything if you are qualified for the settlement. Following the last hearing, the distribution will happen automatically. By September 21, 2024, you will have the opportunity to protest to the terms of the settlement or withdraw yourself from it. The official settlement website has further information and allows you to verify your eligibility. Since it relies on the number of valid claims, the exact amount that each person will get is still uncertain. It is mentioned that the $7 million settlement fund will pay for legal expenses in part.
- From March 8, 2019, until August 31, 2023, you were the owner of a Bank of America savings or checking account.
- During this time, a wire transfer arrived for you.
- $15 was charged to you for the transaction.
Payment Amount
A $21 million settlement with Bank of America resolves charges that its fees breached account agreements, potentially benefiting consumers who paid wire transfer fees. The settlement helps those who had certain wire transfer fees applied to their receiving payments between March 8, 2019, and August 31, 2023, and who had consumer checking or savings accounts with Bank of America.
Incoming wire transactions were subject to an additional $15 cost that Bank of America concealed from customers, as per the class action lawsuit. The bank allegedly concealed these costs on purpose without the account user’s knowledge or agreement in order to benefit from them, according to the complaint. Each class member will get a different payment amount. As of today, i dont have any payment date update so keep checking this page for more updates.
How to claim this payment
The good news is that getting your share doesn’t need you to do anything. Customers that meet the requirements will be added to the agreement automatically. The bank will transfer your money to you following the final hearing; no paperwork or other papers are required. Before September 21, 2024, you have the option to submit an objection if you would rather not take part. To do this, go to the official settlement website www.banawiretransferfeesettlement.com and follow the directions. You may also verify your eligibility on the same website if you believe you should be included but are unsure.
Final Approval Hearing
According to the lawsuit, one reason the fees are an issue is because the account holder does not initiate any action or seek a service for an incoming transaction. In the response that Bank of America sent the court last year, it refuted any unfair, dishonest, or illegal practices involving client deception.
According to the bank’s lawyers, there was no violation of customer account terms. The settlement’s final approval hearing is due on October 21, 2024 and then money will be shared once the settlement is approved by the court. Former clients will get checks, and current Bank of America customers will receive their money as account credits.
Jaxon Elias is a writer, poet, and finance expert. He graduated from the Craig School of Business in 2014 and later completed the “Leading with Finance” course from Harvard University Online. Additionally, he has worked as a freelancer for various media houses