Bank of America Announces New Payment for Customers

In response to a class action lawsuit, Bank of America has agreed to pay a $21 million settlement that may help both present and previous customers. Customers who owned checking or savings accounts and were billed fees for particular transactions are included in this settlement. Customers who satisfy certain requirements may be eligible to receive a share of this settlement.

Bank of America Announces New Payment for Customers

Through Bank of America class action lawsuits, a firm can be challenged jointly by groups of people with similar complaints. Everyone with similar claims is covered by a lawsuit after it is approved as a class action.

Companies that want to avoid long court cases and negative publicity, like BofA, often settle these conflicts. In most settlements, participants receive money and agree not to sue the business for the same issue in the future.

Bank of America Settlement Payout Details

The class action lawsuit against BofA centers around fees charged for incoming wire transfers. Tech.co claims that clients had to have paid specified wire transfer costs between March 8, 2019, and August 31, 2023 in order to be eligible for a part of the settlement.

The lawsuit claims that Bank of America “violated account agreements and charged a hidden fee” for these incoming wire transactions, which were claimed not disclosed to customers. In addition, the complaint claims that the bank intentionally hide these costs without the clients’ permission and demands payment for those who were affected.

Eligibility Requirement for BofA New Payments

• Only a limited number of consumers are eligible for this settlement.
• Customers must have paid a $15 fee for an incoming wire transfer and hold a checking or savings account with the bank between March 8, 2019, and August 31, 2023 in order to be eligible.
• The lawsuit specifically deals with this $15 fee, claiming it was improperly charged and hidden from customers.
• Therefore, customers who meet these criteria could be eligible for a part of the settlement.
• However, one-third of the $21 million settlement will cover legal fees, potentially reducing the amount available for each eligible customer.

How to Receive Bank of America New Payment

• For eligible customers, receiving the settlement payment is a fairly simple procedure.
• Impacted customers don’t need to take further action to receive their settlement.
• Customers will receive payment directly from the settlement fund.
• Customers can opt out or object to the settlement by September 21, 2024, in the case Aaron Aseltine v. Bank of America, N.A.
• The settlement’s final approval hearing will be scheduled for October 21, 2024, at 9:15 a.m. ET.
• After this date, previous customers will receive a payment check in the mail, and eligible current customers will receive their refund as a credit to their account.

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