Bank of America Class Action Settlement Status 2024: In 2024, Bank of America (BoA) reached a $21 million settlement following a class action lawsuit regarding hidden wire transfer fees. Thousands of customers who were charged $15 for incoming wire transfers between March 2019 and August 2023 are eligible for compensation.
The settlement ensures payouts for eligible customers, with payments anticipated to start after the final court hearing on October 21, 2024. Eligible individuals are automatically included in the settlement unless they opt out by September 21, 2024.
Bank of America Class Action Settlement Status 2024
The settlement addresses allegations that Bank of America improperly charged fees for wire transfers without notifying customers adequately. Those impacted will receive compensation via direct deposit or mailed checks. Below are the key details:
- Settlement Amount: $21 million
- Eligibility Period: March 2019 to August 2023
- Payout Type: Direct deposit for current customers; checks for former customers
- Deadlines: Opt-out by September 21, 2024; Final approval hearing on October 21, 2024
- Expected Payment Date: Late 2024, following court approval
Bank of America Class Action Settlement Status 2024 – Overview Table
| Details | Description |
| Settlement Fund | $21 million |
| Eligibility | $15 wire transfer fees charged between March 2019 – August 2023 |
| Opt-Out Deadline | September 21, 2024 |
| Final Hearing Date | October 21, 2024 |
| Payout Method | Direct deposit or mailed checks |
| Next Steps | Payments will begin after court approval |
Bank of America Settlement Explained
The settlement arose from a class action lawsuit claiming that Bank of America charged $15 wire transfer fees without properly disclosing them, allegedly violating account agreements.
Although Bank of America denied any wrongdoing, it opted to settle the lawsuit to avoid prolonged litigation. This settlement offers financial relief to affected customers while reinforcing the importance of transparent banking practices.
Who is Eligible for Bank of America Settlement?
To qualify for the settlement, customers must meet the following criteria:
- Account Type: You must have held a Bank of America checking or savings account.
- Fee Charged: A $15 fee must have been charged for incoming wire transfers between March 8, 2019, and August 31, 2023.
- No Further Action Required: Eligible customers are automatically included unless they choose to opt out.
Important Notes:
- Current Customers: Payouts will be credited directly to their accounts.
- Former Customers: Payments will be issued via mailed checks. Ensure your mailing address is updated.
- Opt-Out Option: File an objection or opt-out request by September 21, 2024, if you don’t wish to participate.
How Much Will You Receive?
The amount each customer receives depends on the total fees charged and the number of eligible claimants. Here are some key factors:
- Legal Fees: About one-third of the $21 million fund will be allocated to attorney fees.
- Remaining Settlement Funds: The remaining funds will be distributed among eligible customers.
- Estimated Payout: Depending on individual circumstances, payouts may range from $50 to $300.
Steps to Check Bank of America Class Action Settlement Status 2024
Follow these steps to confirm your eligibility for the settlement:
- Visit the Official Settlement Website: Check the dedicated settlement portal for updates.
- Review Communications: Look for emails or letters from Bank of America notifying you of your eligibility.
- Contact Support: If you’re unsure, reach out to the settlement administrator for clarification.
How to File a Bank of America Class Action Settlement Claim: Step-by-Step Guide
To ensure you receive your compensation, follow these steps:
- Check Your Eligibility: Confirm that you held an account and were charged the fee during the specified period.
- Decide Participation: If you wish to opt out or object, file a request by September 21, 2024.
- Update Your Details: Ensure your account information (or mailing address for former customers) is accurate.
- Await Payments: Once the October 21, 2024 hearing concludes, payments will be processed.
FAQs
How can I confirm my eligibility for the settlement?
You qualify if you were charged a $15 fee for incoming wire transfers between March 2019 and August 2023.
Do I need to take any action to receive my payment?
No action is required unless you want to opt out or object. Eligible customers will receive payments automatically.
How much money will I receive?
Payouts depend on the total fees charged and the number of claimants. They are estimated to range from $50 to $300.
When will the payments be issued?
Payments are expected to begin shortly after the October 21, 2024 final court hearing.
What happens if I no longer have a Bank of America account?
Former customers will receive checks sent to their last known mailing address.
Conclusion
The Bank of America class action settlement provides financial relief to customers affected by hidden wire transfer fees. While payouts depend on individual circumstances, this settlement underscores the need for transparent banking practices. Eligible customers are encouraged to verify their account details and await payments, expected by late 2024.
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