Bank of America is facing a $21 million settlement that could benefit thousands of current and former customers. If you held a checking or savings account with Bank of America between March 8, 2019, and August 31, 2023, you might be eligible for a portion of this settlement. This article will break down the details of the settlement, how to determine if you’re eligible, and what steps you need to take to receive your payment.
Background
To understand this settlement, it’s essential to know a bit about class action lawsuits. In these legal cases, a group of individuals, known as a “class,” comes together to file a lawsuit against a company or organization. Class actions typically arise when a large group of people have similar complaints, such as being charged unfair fees or experiencing faulty products. One or a few individuals represent the entire class, and if the lawsuit is successful, the settlement is divided among all class members.
Companies often settle class action lawsuits to avoid the costs and negative publicity of a prolonged court battle. While settlements don’t always mean the company admits to any wrongdoing, they usually result in monetary compensation for the affected individuals.
Eligibility
For the Bank of America settlement, eligibility hinges on a specific set of criteria. Customers who were charged wire transfer fees on incoming payments during the period between March 8, 2019, and August 31, 2023, are likely eligible. The lawsuit alleges that Bank of America charged a $15 fee for incoming wire transfers without properly disclosing this to customers. According to the lawsuit, these fees violated the terms of the account agreements, leading to the claim that Bank of America “purposefully obscured these transactions without consent.”
If you received an incoming wire transfer during this period and were charged the $15 fee, you are part of the class and could receive a portion of the $21 million settlement.
How to Get Payment
Getting your payment from this settlement is relatively straightforward. The process is designed to be easy for those who qualify. If you are eligible, you don’t need to take any additional steps to claim your share of the settlement. As long as you don’t opt out of the settlement, you’ll automatically receive your payment after the final approval hearing.
The hearing is scheduled for October 21, 2024. If the settlement is approved, current Bank of America customers will receive their payment as a credit to their bank account. Former customers will receive a check in the mail, so it’s crucial to ensure that Bank of America has your current mailing address.
It’s also important to note that a portion of the settlement will go toward legal fees—about one-third of the $21 million. This means the amount you receive may vary depending on how many people are part of the class and how many eligible transactions there were.
Customer Reactions
Customer reactions to this settlement have been mixed. Some people are pleased to receive an unexpected payment, even if it’s small. One social media user expressed excitement, noting that surprise settlement checks are always a welcome find. However, others are less thrilled, especially when their share of the settlement is minimal. One user humorously commented that the cost of printing and mailing the check was likely higher than the amount they received, pointing to a common frustration with class action settlements.
In the end, whether you’re excited or underwhelmed by your share, this settlement serves as a reminder of the power of collective legal action. Even small amounts can add up, and these cases help hold companies accountable for their practices.
If you’re a Bank of America customer who was charged for an incoming wire transfer during the specified period, it’s worth keeping an eye on your account or mailbox after the final hearing. This settlement could put a little extra cash in your pocket, even if it’s not a windfall.
FAQs
Who is eligible for the Bank of America settlement?
Customers charged wire transfer fees from March 8, 2019, to August 31, 2023.
Do I need to take action to receive my settlement?
No, eligible customers automatically receive payments unless they opt out.
How will I receive my settlement payment?
Current customers get a bank credit; former customers get a mailed check.
When is the final approval hearing for the settlement?
The hearing is set for October 21, 2024.
Can I still sue Bank of America if I accept the settlement?
No, accepting the settlement waives your right to further legal action.
