Attention Bank of America customers! If you’ve been with the bank between 2019 and 2023 and they’ve charged you for a wire transfer, you could have some extra cash on the way from a class action settlement. A million-dollar deal is underway and here we tell you all the juicy details.
This small victory for Bank of America customers is a powerful precedent that could open the door for new class action lawsuits and new financial compensation in case someone has felt affected by one of the banking practices of this financial company.
Bank of America is one of the most powerful financial institutions in the United States, with a long history dating back to the beginning of the 20th century. It offers a wide range of banking services for individuals and businesses, from checking and savings accounts to credit cards, mortgage loans and investments.
The class action lawsuit that cost Bank of America $21M
Recently, Bank of America was embroiled in a legal dispute that will cost it $21 million. It all started when a group of customers got fed up with hidden fees and decided to take matters into their own hands.
The class action lawsuit, titled “Aaron Aseltine v. Bank of America, NA, CaseNo. 3:23-cv-00235,” accuses the bank of charging $15 for incoming transactions without proper consent from customers.
“The bank charged us without telling us, and that is not right,” the lead plaintiff stated. Although Bank of America did not admit to having done anything wrong, it agreed to pay to settle the lawsuit, and prevent this case from going to court with all the costs in money and bad image that that entails.
Who can claim a piece of the pie?
The big question is: can you get your hands on this $21 million? The requirements are clear and direct. If you were a Bank of America customer between March 8, 2019 and August 31, 2023, received an incoming wire transfer and were charged the famous $15 fee, then you are in the eligible group.
“It’s a relief to know I’ll get some of that money back,” said one affected customer.
How to claim your share?
Here’s the good thing: you don’t have to lift a finger to receive your share. Eligible customers will automatically be included in the agreement. After the final hearing, the bank will send you your payment without you having to fill out forms or anything like that.
If you prefer not to participate, you can file an objection before September 21, 2024. To do so, visit the official settlement website and follow the instructions. Additionally, if you think you should be included but aren’t sure, you can check your eligibility on the same site.
How much will you receive and when?
It is not yet known exactly how much each person will receive, as it depends on how many clients are eligible. What is known is that a third of the settlement (about $7 million) will go to legal fees. The final hearing is scheduled for October 21, 2024, so payments should arrive after that date.
“I’m excited to see how much I’ll get,” another customer mentioned. If you are still a customer of the bank, the money will arrive as a credit to your account. If you are no longer with them, they will send you a check.
