A $21 million settlement against Bank of America might help both present and past clients who had savings and/or checking accounts and were assessed fees for routine activities. Customers who meet specific requirements and have had a checking or savings account with Bank of America between March 8, 2019, and August 31, 2023, may be entitled to receive a portion of this settlement.
Recognizing Settlements in Class Actions
Understanding the fundamentals of the litigation is the first step towards understanding it. Through class action litigation, groups of people, or “classes,” can collectively file a complaint with the court.
Usually, one or a small number of people file these lawsuits alleging that a business has harmed a larger group. If a lawsuit is accepted as a class action, it covers all “class members” who have comparable claims. Businesses frequently choose to resolve these lawsuits in order to avoid high legal expenses and unfavorable media coverage.
Class members typically receive financial compensation as part of these settlements, and in exchange, they give up their ability to file additional lawsuits. Settlements are viewed less as true recompense for the loss and more as a smack on the wrist and a way to hold firms accountable.
They sometimes contain the company’s denial of any misconduct. Class lawsuits are frequently filed due to discrimination, pollution, and deceptive advertising.
The Bank of America Settlement Eligibility
According to Tech.co, clients must have been charged particular wire transfer fees on incoming money in order to be eligible for the Bank of America settlement because every claim is unique. This implies that clients have to have received an inbound wire transfer and paid a $15 transaction charge within the allotted time frame.
The bank “violated account agreements and charged a hidden fee” in relation to these inbound wire transfers, which was never revealed to clients, according to the class action lawsuit filed against Bank of America.
Furthermore, according to the lawsuit, Bank of America “purposefully obscured these transactions without consent” and ought to pay out reimbursements in these circumstances.
It’s unclear if Bank of America will give the same lump payment to all qualifying clients or if impacted customers will get refunds for each transaction that cost $15. Furthermore, legal fees will be covered by around one-third of the $21 million settlement, so there could not be enough money to cover reimbursements in every instance, depending on the number of plaintiffs and transaction.
How Your Settlement Will Be Received?
For qualified clients, getting the settlement is simple. According to the lawsuit Aaron Aseltine v. Bank of America, N.A., affected users “will receive a Settlement Class Member Payment from the Settlement Fund so long as [they] do not opt-out of the Settlement” and do not need to take any further action.
By September 21, 2024, customers have the option to reject the settlement or opt-out, retaining their ability to take legal action against the bank.
Those who qualify should start receiving settlement payments after Monday, October 21, 2024, at 9:15 a.m. ET, when the settlement’s final approval hearing is scheduled.
Former Bank of America customers will get a check in the mail, but current customers will receive their share as a bank credit.
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Client Responses
Customers’ responses have been conflicting. “Love when a surprise settlement check comes in the mail!!” wrote one happy X user. Verify that the address and payment method they have are correct.
Indeed! On the other hand, a less enthused user shared, “I absolutely detest it when my cut is so tiny. Over the past few years, I’ve received ones from ATT and Bank of America. SMH. With a sobbing laughing emoji, the statement read, “The postal and printing fee of the check were more than my cut of the settlement.”
