If you are one of those who had a checking or savings account at Bank of America between March 8, 2019, and August 31, 2023, this article may definitely be of interest to you and could leave you with valuable information to claim money in the form of compensation.
Turns out there’s a class action settlement in the works, and you might be entitled to a little extra cash, courtesy of Bank of America. So, if you’ve ever been charged e-transfer fees on incoming payments during that period, read on, because you might have something to claim.
A court in the Western District of North Carolina has approved a website where you can find all the information about this settlement. Yes, I know, it sounds formal and complicated, but don’t worry, I’ll explain it to you in simple words here.
Basically, Bank of America has agreed to settle a class action lawsuit alleging that they improperly charged transfer fees to their customers. If you were one of those customers, you might be on the list to get paid.
Your Options as a Bank of America Customer: What Can You Do?
You have several options to handle this situation, and here we explain them to you without so much technicality.
First of all, you can do nothing and stay out of the class action, but still get paid if you are due: If you decide not to lift a finger and you were charged those fees without being refunded, you will automatically get paid as part of the settlement.
That is, they will refund part of the money they charged you. The only condition is that you do not opt out of the agreement (I will explain this later).
Opt out of the agreement: If for some reason you decide that you do not want to be part of this agreement, you can choose to opt out. This means that you will not receive any payment as part of the settlement, but you will still have the right to sue Bank of America on your own. You have until September 21, 2024 to make this decision.
Objecting to the Agreement Is Also Your Right
If you do not want to get out of the agreement, but you also do not completely agree with how it is being handled, you can file an objection with the court. It’s like saying, “Hey, I don’t think this or that about the agreement.” The deadline for doing this is also September 21, 2024.
How Does This Benefit Bank of America Customers?
If you decide to do nothing and stay in the agreement, you will receive a payment. The exact amount will depend on how much money you were charged in those transfer fees, and how the settlement fund is distributed among all those affected. But, whatever the case, it’s money that you could receive without much effort.
What if You Want to Get out of the Agreement? Yes, You Can Also
If you prefer to keep your options open and not participate in this agreement, you can choose to opt out. This allows you, if you wish, to sue Bank of America on your own. But, if you decide to go down this path, make sure you meet the deadline for submitting your exclusion: September 21, 2024. After that date, you will no longer be able to do so.
How to File an Objection?
Don’t like something about the agreement? You have the option to say it. To do this, you must file an objection with the court. This is not as complicated as it sounds, but you need to do it before September 21, 2024. If you file an objection, the court will review it before the final approval hearing, which is scheduled for October 21, 2024.
Important dates to keep in mind:
- September 21, 2024: Is the deadline to opt out of the settlement or to file an objection.
- October 21, 2024: It is the day of the final approval hearing, where the court will decide whether the settlement is fair and reasonable.