If you had a Bank of America checking or savings account between March 8, 2019, and August 31, 2023, and paid fees for incoming wire transfers, you might be eligible for a piece of a $21 million settlement. The lawsuit claims that Bank of America secretly charged a $15 fee on these transfers without letting customers know.
How Will the $21M Money be spent?
Bank of America has set aside $21 million to settle the lawsuit. Here’s how the money will be used:
- Payments to You: This includes compensation for affected account holders.
- Legal Fees and Costs: Attorneys will get paid for their work on the case.
- Service Award: A reward for the person who helped represent the class.
- Settlement Administration: Costs for managing the settlement process.
After these expenses are covered, the remaining money, called the Net Settlement Fund, will be shared among all eligible class members.
Important Dates to Remember
- Opt-Out Deadline: If you want to opt out of the settlement and keep the right to sue Bank of America separately, you must mail your opt-out form by September 21, 2024.
- Objections Deadline: If you want to object to the settlement, you need to submit your notice by September 21, 2024.
- Final Approval Hearing: The court will decide if the settlement is approved on October 21, 2024, at 9:15 a.m. in Charlotte, NC. Check the official website for updates.
What Are Your Options for payment?
You have two options to get a payment from the settlement fund
Do Nothing and Get Paid
If you don’t do anything, you’ll automatically get a payment from the settlement fund, as long as you don’t opt out.
Opting Out
If you choose to opt out, you won’t get any money from the settlement, but you’ll keep the right to file a separate lawsuit against Bank of America.
How Will Payments Be Made?
- Current Account Holders: If you still have an account with Bank of America, you’ll receive a credit to your account.
- Former Account Holders: If you no longer have an account, you’ll get a check from the Settlement Administrator.
Attorney Fees and Objections
Lawyers will request up to one-third of the settlement fund ($7 million) for their fees and costs. The court will decide the final amount they receive.
Filing Objections
If you disagree with the settlement, you need to file your objections by September 21, 2024. Make sure to mail your objections and any notice of your intent to attend the Final Approval Hearing before the deadline.
Quick Summary
Eligibility: Bank of America customers with accounts from March 8, 2019, to August 31, 2023, who paid incoming wire transfer fees.
Allegation: Bank of America allegedly charged a hidden $15 fee without consent.
Settlement Fund: $21 million set aside to resolve the lawsuit.
Deductions: Money will cover payments to members, legal fees, and other costs.
Net Settlement Fund: Remaining funds will be divided among eligible members.
Important Dates: Opt-out or objections by September 21, 2024; Final Hearing on October 21, 2024.
Rights: Do nothing for automatic payment, or opt out to pursue separate legal action.
Distribution: Credits for current account holders; checks for former account holders.
Attorney Fees: Lawyers may receive up to $7 million.
Objections: File by September 21, 2024.
FAQs
What was Bank of America accused of?
Charging a hidden $15 fee on incoming wire transfers without notifying customers.
How will the $21M settlement fund be used?
It will cover payments to affected individuals, legal fees, and administrative costs.
What do I need to do by September 21, 2024?
You must opt out or file objections by this date if you wish to take action.
How will I receive my payment if I’m eligible?
Current account holders will get a credit, and former account holders will receive a check.
What happens if I don’t take any action?
You will automatically receive a payment from the settlement fund.
How much will lawyers get from the settlement?
Lawyers may request up to $7 million from the fund.
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