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The US Sun
Bank customers have weeks left to claim their chunk of $21 million settlement – you must check statements to apply
By Alexandra Chomik,
8 hours ago
BANK of America customers have less than a month to secure their portion of a $21 million settlement.
Current and former Bank of America members with BOA consumer checking or savings accounts are eligible to benefit from the settlement , which claims the bank’s fees violated account agreements.
A homeowner talking on the phone while reviewing a bill, indicating that he may be eligible to receive a settlement A stack of $20 bills is shown among several scattered $20 bills Getty
Bank of America customers have until September 21 to exclude themselves or object to one of the banking giant’s largest class-action settlements to date.
The settlement benefits customers who were charged a wire transfer fee on incoming payments.
Customers who were charged with one or more of these wire transfer fees between March 8, 2019, and August 31, 2023, are eligible to receive a portion of the $21 million settlement.
According to the lawsuit, the nationwide bank and lender violated account agreements by charging the hidden $15 fee for incoming wire transfers.
The lawsuit also alleges that the bank intentionally hid these fees to profit from accountholders without their consent.
BOA maintains they never did anything wrong when it came to charging these fees, but the bank did agree to pay up to resolve the lawsuit.
Based on the settlement’s terms, BOA customers will receive a “proportional share of the settlement fund.”
Former BOA customers will receive a portion of the settlement via a paper check sent in the mail.
Class members who do not exclude themselves by September 21, and who otherwise qualify for the settlement, will automatically receive their settlement payment within a few weeks of the final approval hearing.
Class action lawsuits offer groups of people, or 'classes,' a way to band together in court.
These suits are often brought by one or a few people who allege a company or other entity has wronged a large group of people.
When a suit becomes a class action, it extends to all “class members,” or people who may have similar complaints to those who filed the suit.
Companies often settle class actions – offering payment to class members who typically waive their right to pursue further legal action by accepting money.
These payout agreements frequently include statements by the defendant denying wrongdoing. Companies tend to settle class actions to avoid the costs of further litigation.
Pollution, discrimination, or false advertising are a few examples of what can land a class action on a company’s doorstep.
Earlier this year, they also settled another class-action lawsuit and were forced to pay $8 million to settle another fee dispute.
Customers who were charged a $4 or $10 fee to transfer funds between April 4, 2018, and November 17, 2023, were eligible to receive a portion of the $8 million settlement.
BOA also agreed to stop charging ACH transfer fees to existing and future customers, saving customers close to $21 million.
Not everyone was thrilled by the news of either settlement, however.
“BoA does this only because they know the settlement and fines after litigation is complete will be less than the money gained from their extra fees,” one user wrote on X.
“I quit BoA in the early 90’s, they were to fee happy even back then,” a former BOA customer wrote.
“I just noticed a $2 deposit in my checking account. It’s from a class-action settlement against Bank of America,” another user wrote.
“Any suggestions on how I should spend this unexpected recovery?” they asked.
The U.S. Sun reached out to Bank of America for comment.
SETTLEMENT SAVINGS
Bank of America isn’t the only bank or business having to pay customers back as part of a class action lawsuit settlement.
Cash App , a financial services platform and app, will also be shelling out $15 million after a lawsuit claimed consumers’ personal data was compromised.
Even everyday shoppers can get in on some settlement money, with beauty brand Sephora agreeing to pay $9.2 million to resolve claims that it misled customers with inaccurate information on product labels.
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