Bank of America Class Action Lawsuit: Claim Your Money Before Its Too Late

Bank of America Class Action Lawsuit – Bank of America has agreed to settle two significant class action lawsuits involving hidden fees on wire transfers and Automated Clearing House (ACH) transfers. These settlements, totaling nearly $29 million, aim to resolve allegations that the bank charged customers undisclosed or unfair fees, violating account agreements.

Key Details of the Lawsuits

Wire Transfer Fees Settlement

The first settlement addresses claims that Bank of America charged a hidden $15 fee on incoming wire transfers, violating account agreements and profiting from unknowing account holders without their consent.

Details	Information
Settlement Amount	$21 million
Eligibility	Individuals with Bank of America consumer checking or savings accounts charged wire transfer fees between March 8, 2019, and Aug. 31, 2023.
Exclusion Deadline	September 21, 2024
Final Hearing	October 21, 2024
Settlement Website	BANAWireTransferFeeSettlement.com
Case Name	Aseltine v. Bank of America NA, Case No. 3:23-cv-00235-MOC-WCM, U.S. District Court for the Western District of North Carolina

ACH Transfer Fees Settlement

The second settlement concerns fees for ACH “push” transfers from Bank of America consumer checking or savings accounts to external accounts. The lawsuit alleged that these fees were unfairly charged and not disclosed properly to customers.

Details	Information
Settlement Amount	$7.75 million
Eligibility	Bank of America customers with consumer checking or savings accounts charged ACH transfer fees between October 16, 2016, and February 23, 2023.
Exclusion Deadline	July 1, 2024
Objection Deadline	July 1, 2024
Claim Deadline	August 15, 2024
Final Hearing	August 30, 2024, at 10:00 a.m.
Case Name	Soto, et al. v. Bank of America NA, Case No. 3:20-CV-01057, U.S. District Court for the District of Puerto Rico

Settlement Benefits and Payments

Wire Transfer Fees Settlement

• Current Account Holders: People who already have a Bank of America account will get their share of the settlement fund credited to their account.
• Former Account Holders: Will receive their settlement payment via mailed check.
• Payment Amounts: Will vary based on the wire transfer fees paid by each class member.

ACH Transfer Fees Settlement

• Current Account Holders: Will receive an automatic account credit.
• Former Account Holders: Will receive a check by mail.
• Payment Amounts: Based on the net settlement fund after deducting legal fees and administrative costs, and proportionate to the fees paid by each class member.

Key Dates and Deadlines

Detail	Wire Transfer Fees Settlement	ACH Transfer Fees Settlement
Exclusion Deadline	September 21, 2024	July 1, 2024
Objection Deadline	N/A	July 1, 2024
Claim Deadline	N/A	August 15, 2024
Final Hearing	October 21, 2024	August 30, 2024, at 10:00 a.m.

What Should You Do?

• Do Nothing: If you are eligible, you will automatically receive your payment unless you choose to exclude yourself.
• File a Claim: For the ACH settlement, if you are a former account holder and do not receive an automatic payment.
• Opt Out: If you want to retain your right to sue Bank of America separately, you must opt out by the exclusion deadline.
• Object: If you disagree with the settlement, you can file an objection by the specified deadline.

Conclusion

These settlements offer significant financial redress for Bank of America customers affected by hidden and unfair fees. Ensure you are aware of your rights and deadlines to maximize your benefits from these class action settlements.

For more information, visit the settlement websites:

Claim	Official Websites
Wire Transfer Fees Settlement	BANAWireTransferFeeSettlement.com

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