Bank of America has agreed to a $21 million settlement to resolve allegations that it charged undisclosed wire transfer fees on incoming payments. This settlement affects customers who held accounts with the bank between 2019 and 2023 and were subjected to these fees.
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Details of the $21M Bank of America Settlement
A class action lawsuit, identified as Aaron Aseltine v. Bank of America, N.A., Case No. 3:23-cv-00235, was filed against the bank. The plaintiffs argued that the bank violated its account agreements by charging a $15 fee on incoming wire transfers without proper disclosure. Despite denying any wrongdoing, Bank of America has agreed to settle the case and compensate affected customers.
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Eligibility for the Bank of America Settlement
To qualify for a portion of the settlement fund, you must meet the following criteria:
- You held a checking or savings account with Bank of America between March 8, 2019, and August 31, 2023.
- You received an incoming wire transfer during this period.
- For the transaction, you were charged $15.
Eligible customers should have received a notification from the bank regarding their inclusion in the settlement.
Distribution of Settlement Funds
Proportional Share: Affected customers will receive a portion of the settlement fund based on the fees they paid.
Payment Method:
- Current Account Holders: Payments will be credited directly to their Bank of America accounts.
- Former Account Holders: Payments will be issued via mailed checks.
Bank of America Settlement Payout Date
- Exclusion and Objection Deadline: September 21, 2024
- Final Approval Hearing: October 21, 2024
Claiming the Settlement
If you’re eligible for the settlement, you don’t need to take any action to receive your payment. The distribution will occur automatically after the final hearing. If you wish to exclude yourself from the settlement or object to its terms, you must do so by September 21, 2024. You can find more details or check your eligibility on the official settlement website.
The exact amount each person will receive is currently unknown, as it depends on the number of valid claims. It is noted that a portion of the settlement fund ($7 million) will cover legal fees.
Settlement Administration
| Settlement Website | BANAWireTransferFeeSettlement.com |
|---|---|
| Claims Administrator | Aaron Aseltine v. Bank of America, N.A. |
| Claims Administrator Address | c/o Kroll Settlement Administration LLC |
| PO Box 225391, New York, NY 10150-5391 | |
| Phone Number | 833-522-3647 |
Legal Counsel:
- Class Counsel: Jeff Ostrow, Jonathan Streisfeld (KOPELOWITZ OSTROW PA), David M. Wilkerson (THE VAN WINKLE FIRM), Sophia Gold (KALIELGOLD PLLC)
- Defense Counsel: Laura A. Stoll, Laura G. Brys (GOODWIN PROCTER LLP), Bradley R. Kutrow (MCGUIREWOODS LLP)
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Conclusion
The final approval hearing for the settlement is scheduled for October 21, 2024. If the court approves the settlement, payments will be disbursed shortly thereafter. Current Bank of America customers will receive their payments as account credits, while former customers will receive checks.
For more information and updates, visit the official settlement website.
FAQs
What are the eligibility Criteria for the Bank of America wire transfer fee settlement?
Customers who had Bank of America consumer checking or savings accounts were charged wire transfer fees on incoming payments between March 8, 2019, and August 31, 2023.
How will eligible class members receive their settlement payment?
Current account holders will receive a credit to their Bank of America accounts, while former account holders will receive a mailed check.
Is a claim form required to receive the settlement payment?
No, eligible class members will automatically receive their settlement payment if they do not exclude themselves.