Find out more about the Bank of America Settlement Payout Date 2024, the payment amount, how to apply, and who qualifies. here. Millions of users have requested a refund in the Bank of America settlement case. This article contains the most recent updates about the Bank of America Settlement 2024.
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Bank of America Settlement in 2024
Bank of America has 116,000,000 registered users, making it the largest financial company. In the past years, many settlement claims were issued by the bank. Many customers have filed lawsuits. Only a few customers had not yet received their money.
The bank was involved in the illegal charging of junk fees and receiving extra funds. Millions of users have sued for deceptive practices, and illegal amounts taken. Bank of America has ordered the Federal WatchDog Agency to pay approximately $250 million in funds as a fine.
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Latest Update on Bank of America Settlement
A federal court in North Carolina approved an order that stated Bank of America would pay $8 million as a settlement to a class action lawsuit filed by customers who claimed they were charged fees for money transfers.
The lawsuit was filed in April 2022 and then revised in September 2023. It involved holders of checking and savings accounts who claimed they had been misled to pay Automated Clearing House fees (ACH).
The transactions occurred between April 4, 2018, and November 17, 2023. Bank of America denied any wrongdoing but settled to avoid litigation and distractions. A settlement fund of $8 million will be set up to benefit claimants, lawyers, and administrative costs.
What is the Bank of America Settlement Case?
Consumer Financial Protection Bureau reported that banks have charged millions to their customers as part of an insufficient information penalty on their bank accounts. Overdraft fees apply to multiple payments or payments above a specified limit. The bank claimed the amount from 2018 to 2022.
Millions of users have filed lawsuits and are waiting to receive their settlement claims. The Federal Government ordered that the bank pay a fine of $250,000,000 and an additional amount be refunded back to affected users. The authorities gave the bank 90 days to come up with a plan of action for the case.
Bank of America Settlement Date
| Year | Event/Details |
|---|---|
| 2021 | Settlement case initiated. |
| Ongoing | Court warned the bank to refund the money as soon as possible. |
| Many applicants received refunds within 60 days of filing the application. | |
| Other customers also applied for settlement. | |
| End of 2024 | Expected deadline for all affected customers to receive their refunds. |
| Verification process may take time due to the large number of customers. | |
| Refunds will be issued initially, with payments processed in batches of 10,000 per day. |
Bank of America Settlement Payments
- Settlement Case Penalty: Bank of America must pay a fine of $250 million to the federal government.
- Customer Refunds: The amount affected customers will receive depends on their investment and the amount charged by Bank of America.
- Refund Payments Released: Bank of America has released $80.5 million to cover refund payments to citizens.
- Additional Funds Needed: The CFPB estimates that the bank should release an extra $25 million to customers involved in a separate case concerning deceptive credit card practices.
Who is eligible for Bank of America Settlements?
The bank has agreed to pay all affected customers. Users do not need to submit a claim via any other application or portal. Users who have been involved in the lawsuit will automatically receive refunds.
The money will be deposited into the user’s personal account or their savings account. The user can request a modification to the settlement case if they want to receive their money in another branch or bank. Charges will apply. The settlement claim can be modified by mentioning the account number as well as the additional breach in the bank.
To qualify for settlement:
- Claimants will need to be able to prove that they were the victims of malicious behavior by the bank.
- Documents required include identification documents, account details, cash slips, and proof of additional charges paid to the banks.
- The claimant must submit all required paperwork and the lawsuit to court.
How to apply for Bank of America Settlements?
| Requirement | Details |
|---|---|
| Personal Information & Identification | Upload required personal information and identification documents. |
| Account Details | Provide account details. |
| Cash Slips/Proof of Payments | Submit cash slips and/or proof of extra payments made to the bank. |
| Transaction History | Provide transaction history. |
| Bank Statements | Submit bank statements. |
| Court Filing | File the case in court and attach all required documents. |
The court will review all cases and then proceed to the most efficient users. The refund process takes a long time because there are so many users. The refund amount will be released by mid-December.
Final Words
Bank of America Settlement 2024 offers significant financial relief for eligible customers who have been affected by bank practices. Beneficiaries must understand the payout date and payment amount, as well as the application process and eligibility criteria. Customers who qualify can receive the rightful compensation if they stay informed and follow the steps. Visit the official settlement site or contact designated support services for more information and assistance.
FAQs
What is the Bank of America Settlement?
This is about compensating the customer for unauthorized accounts, bonuses withheld, and fees double charged.
What is the total amount of fines that Bank of America will pay?
Total fines of $250 million, including civil penalties and customer refunds.
Who can claim the settlement?
Customers who have been double charged fees, have unauthorized accounts or denied credit card bonus.
How do I apply for the settlement of my claim?
You can file a lawsuit in court, accompanied by the necessary documentation proving that the bank was negligent.
When will the settlement payments be disbursed?
There is no specific timeline; however, the process could take a while due to the large number of claims.