Bank of America Customers Eligible for $21M Settlement Payout – Check If You Qualify
Bank of America to Compensate Customers Over Hidden Fees in $21 Million Settlement
Bank of America customers are set to receive a one-time payment from a $21 million settlement stemming from a class action lawsuit, according to the published article of THE US Sun. The lawsuit claimed that the bank violated account agreements by charging a hidden $15 fee on incoming wire transfers without proper disclosure. To qualify for a portion of the settlement customers must have held a checking or savings account between March 8, 2019 and August 31, 2023 and incurred these fees during that period. Current customers will receive a bank credit while former customers will get a check in the mail.
The settlement process is straightforward requiring no additional actions from eligible customers unless they choose to opt out or object by September 21, 2024. About one-third of the settlement will cover legal fees with the remaining amount distributed among affected customers. The final approval hearing for the settlement is scheduled for October 21, 2024 after which payments will be issued. This resolution comes as a relief to many Bank of America customers some of whom shared their mixed feelings about past settlements on social media.
Bank of America $21M Settlement: How to Receive Your Payment for Hidden Wire Fees
Furthermore, Bank of America is not the only financial institution facing legal scrutiny for hidden fees. Capital One credit cardholders are also in line for compensation from a $16 million settlement related to unlawfully charged fees on returned transactions. Additionally, Cash App is dealing with a class action lawsuit over two significant data breaches that exposed user information. As consumers navigate these settlements ensuring accurate contact details and understanding their eligibility can help maximize the benefits received.