Bank of America has agreed to a $21 million settlement, potentially offering compensation to customers affected by specific wire transfer fees. The settlement applies to customers who held accounts with the bank between 2019 and 2023 and were charged fees for incoming wire transfers.
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Settlement Details
The settlement concerns customers who were charged a $15 fee for incoming wire transfers. The lawsuit alleged that Bank of America violated account agreements by charging these hidden fees without proper disclosure. The case, titled Aaron Aseltine v. Bank of America, N.A., Case No. 3:23-cv-00235, led to the bank denying any wrongdoing but agreeing to settle.
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Who Is Eligible?
To be eligible for a portion of the $21 million payout, you must meet the following criteria:
- You were a Bank of America checking or savings account holder between March 8, 2019, and August 31, 2023.
- You received an incoming wire transfer.
- You were charged a $15 fee for this transaction.
If you qualify, you may have already received communication from the bank about the settlement.
How to Claim Your Settlement
Claiming your portion of the settlement is straightforward. Eligible customers are automatically included, and payments will be distributed after the final hearing date. Current customers will receive a bank credit, while former customers will receive a check.
If you do not wish to be included in the settlement, you must submit an objection by September 21, 2024. Visit the official settlement website for more details and to verify your eligibility.
Important Dates and Payment Information
The final hearing for the settlement is scheduled for October 21, 2024. Payments will be issued following the hearing, provided there are no objections. While the exact amount each individual will receive is unknown, a third of the settlement amount ($7 million) is allocated for legal fees.
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Conclusion
The $21 million settlement with Bank of America offers compensation to customers affected by hidden wire transfer fees charged between 2019 and 2023. If you were charged a $15 fee for an incoming wire transfer during this period, you might be eligible for a payout. Eligible customers will automatically receive their payment after the final hearing in October 2024, with the option to opt out if desired. Stay informed and ensure you receive any compensation you are entitled to.
FAQs
How do I know if I am included in the settlement?
If you are eligible, you may have received communication from Bank of America about the settlement. You can also visit the official settlement website to check your eligibility.
When will I receive my settlement payment?
The final hearing is scheduled for October 21, 2024. Payments will be issued after the hearing, assuming there are no objections.