WFCN –
A $21 million settlement was reached when it was shown that the bank had wrongfully levied fees. As a result, clients will finally receive their money.
Customers of Bank of America might be able to share in the $21 million settlement that the bank is expected to receive.
Customers must have been customers of Bank of America either currently or in the past in order to be eligible for the settlement.
Between March 8, 2019, and August 31, 2023, they were also required to have a checking and/or savings account.
Customers must have been charged “certain wire transfer fees on incoming payments,” as reported by Tech.co, in order to qualify for the compensation.
The complainant claimed that Bank of America breached account agreements and imposed an unexpected fee, prompting the filing of a class action lawsuit against the financial institution.
The bank allegedly concealed these transactions without permission and added a $15 fee to any incoming wire transfers.
SEE MORE –
Big Bank Alert! US Banking Sector Gears Up for Potential Default Crisis as Millions Fall Behind
Where this was the case, the plaintiff sought refunds.
Bank of America may pay out a single sum to all affected consumers or they may reimburse impacted customers for each transaction that triggered the $15 fee. The exact amount will be unknown.
According to The-Sun, legal fees will consume almost one-third of the $21 million compensation.
It is easy to qualify for the settlement.
Users who are affected are not required to do anything more; as long as they do not opt-out of the Settlement, they will receive a Settlement Class Member Payment from the Settlement Fund, as stated in Aaron Aseltine v. Bank of America, N.A.
The case at hand is 3:23-cv-00235, which pertains to Aaron Aseltine v. Bank of America, N.A.
Despite its denial of wrongdoing, Bank of America has settled and will compensate those impacted by the fines.
The settlement’s final approval hearing is set for Monday, October 21, 2024, at 9:15 am ET.