$21M Bank of America Wire Transfer Fee Settlement : Bank of America has settled for $21 million to resolve claims that it unlawfully imposed fees on incoming wire transfers, allegedly breaching account agreements. The settlement aims to address allegations that the bank charged hidden fees without proper disclosure. This blog offers a detailed overview of the settlement, including who is eligible for compensation, how the settlement will be distributed, and key dates to remember.
If you meet the eligibility criteria, you will receive a payment automatically without needing to file a claim. For those interested in contesting or opting out of the settlement, important deadlines are provided. Stay informed by checking the official settlement website for the latest updates and information.
Overview of the Settlement
What Is the Settlement About?
The $21 million settlement arises from a class action lawsuit accusing Bank of America of imposing hidden fees on incoming wire transfers. Plaintiffs allege that these fees, which could be as high as $15, were applied without proper disclosure to customers, violating the terms of their account agreements.
The lawsuit contends that Bank of America charged these fees without obtaining the necessary consent or providing clear information to account holders. The settlement aims to address these claims and offer compensation to affected customers.
Key Details:
- Settlement Amount: $21 million
- Defendant: Bank of America
- Allegation: Hidden fees on incoming wire transfers
- Settlement Agreement: Bank of America denies any wrongdoing but agrees to settle the case
Settlement Timeline
| Date | Event |
|---|---|
| March 8, 2019 | Start of period for fee assessment |
| August 31, 2023 | End of period for fee assessment |
| September 21, 2024 | Deadline for exclusion and objection |
| October 21, 2024 | Final approval hearing |
Eligibility Criteria
These are the requirements that must be satisfied in order for you to be eligible for the settlement:
| Criteria | Details |
|---|---|
| Account Type | Bank of America consumer checking or savings account |
| Fee Assessment | Charged specific wire transfer fees on incoming payments |
| Time Period | Fees assessed between March 8, 2019, and August 31, 2023 |
Who Is Not Eligible?
- Individuals who did not have a Bank of America consumer checking or savings account during the specified period.
- Accounts that were not subject to the disputed wire transfer fees.
Settlement Details
How Much Will You Receive?
The amount you receive will depend on the total number of eligible claimants and the amount of fees you were charged. Payments will be calculated on a proportional basis, meaning that the total settlement fund will be divided among all qualified class members.
Payment Distribution:
- Current Account Holders: Payments will be credited directly to their Bank of America accounts.
- Former Account Holders: Payments will be sent via mailed checks.
Payment Schedule
- No Claim Form Required: Eligible class members do not need to submit a claim form. If you do not exclude yourself from the settlement, you will automatically receive a payment.
- Payment Timing: Exact payment dates will be determined after the final approval hearing on October 21, 2024.
Important Dates to Remember
- Exclusion and Objection Deadline: September 21, 2024
- Final Approval Hearing: October 21, 2024
- Payment Distribution: Timing will be announced post-hearing
How to Exclude Yourself or Object
If you do not wish to participate in the settlement, or if you wish to object to the terms, you must do so by the deadline of September 21, 2024.
Steps to Exclude Yourself:
- Visit the settlement website.
- Follow the instructions for exclusion.
Steps to Object:
- Draft a written objection detailing your concerns.
- Submit your objection to the court by the deadline.
Conclusion
The $21 million Bank of America wire transfer fee settlement offers financial relief to customers who were improperly charged fees for incoming wire transfers. If you are eligible, you do not need to take any action to receive your compensation, as payments will be processed automatically.
However, if you wish to object to or exclude yourself from the settlement, you must do so by the specified deadlines. To ensure you stay informed about the latest updates and payment details, regularly check the official settlement website. This settlement aims to compensate affected customers and address the issues raised in the lawsuit.
FAQs
How will I know if I am eligible for the settlement?
You are eligible if you had a Bank of America consumer checking or savings account and were charged specific wire transfer fees on incoming payments between March 8, 2019, and August 31, 2023. The settlement administrator will identify eligible class members based on Bank of America’s records.
Do I need to submit any paperwork to receive my settlement payment?
No, eligible class members do not need to submit any paperwork. Payments will be automatically processed and distributed based on Bank of America’s account records. If you are a current account holder, the funds will be credited directly to your account. Former account holders will receive a check.
What if I have moved or changed my bank account since the period in question?
If you are a former account holder, ensure that your current address is updated with the settlement administrator to receive your check. For current account holders, the settlement funds will be deposited directly into your existing account, so no action is needed if your account details are current.