The Bank of America Class Action Lawsuit reached a $21 million settlement in 2024. As per the settlement of the lawsuit, eligible citizens who were charged a hidden fee of $15 on incoming wire transfers can receive their share of the settlement amount. The final hearing of the lawsuit is still pending in the United States District Court for the Western District of North Carolina. If a citizen qualifies for the payment, he/she can claim a portion of $21 million under the Bank of America Class Action Settlement in 2024. The payment will arrive once the court gives its final approval.
Bank of America Class Action Settlement Status 2024
The class-action lawsuit allows a group of people who are affected by the wrongdoing of any firm. As per the Bank of America Class Action Settlement, the defenders are all set to provide compensation to the class members who are affected by the $15 hidden fee on incoming wire transfers. In this case, Bank of America was accused of violating the account agreements of its customers and charged a hidden fee of $15 on incoming wire transfers. The lawsuit further alleged that the bank intentionally did this without providing any notice to its customers.
Credit One Bank Class Action Settlement 2024
As a result of this, a class-action lawsuit was filed against the Bank of America. The Bank of America has denied any wrongdoings from their side. However, they have agreed to pay a $21 million settlement amount to avoid any further legal expenses. With this, eligible citizens can soon expect their shares of the settlement in late of the 2024. If a person wants to exclude or opt himself/herself out of the settlement, they can do the same no later than November 9, 2024. It means, that when a person excludes themselves from the Bank of America Class Action Settlement, he/she will not receive the payment amount.
Bank of America Class Action Settlement Status Key Points
| Title | Bank of America Class Action Settlement Status 2024 |
| Country | The USA |
| Name of the Bank | Bank of America |
| Case Name | Aseltine v. Bank of America NA, Case No. 3:23-cv-00235-MOC-WCM |
| Category | Class-Action Lawsuit Settlement |
| Case Pending in | United States District Court for the Western District of North Carolina |
| Applicable for | Eligible citizens of the US |
| Settlement amount | $21 million |
| Year | 2024 |
| Official website | banawiretransferfeesettlement.com |
Bank of America Class Action Settlement Payment Amount
Under the Bank of America Class Action Settlement, a $21 million settlement has been finalized. However, the payment amount is subject to vary for each class member in the lawsuit based on certain factors. Such as the amount of fees on the incoming wire transfers a person has paid. Citizens who have an active account in the Bank of America will get their proportional share of $21 million via direct deposits to their bank accounts.
On the other hand, class members who do not have an active account in the Bank of America may claim their settlement amount via mailed checks. Eligible class members are further notified that the payment amount is not fixed and it may vary for each eligible person.
Who is Eligible for the Bank of America Class Action Settlement 2024?
The $21 million amount under the Bank of America Class Action Settlement specifies only to certain class of people. As per the lawsuit, those who were charged a hidden fee on incoming wire transfers without consent from the bank between March 8, 2019, and August 31, 2023, are eligible for a proportion share of the settlement.
In addition to this, only the consumers who had checking or savings accounts in the Bank of America during the same period can claim the payment amount. Except for the citizens who have opted out, everyone will be considered for the settlement payment if they have proved their eligibility for the same.
Bank of America Class Action Settlement 2024 Payment Dates
The United States District Court for the Western District of North Carolina is yet to arrive on a final clearance for the Bank of America Class Action Settlement in 2024. In a likewise manner, the payment dates are not out as of now. Eligible class members can only claim their payment amount once the court approves the settlement on the scheduled final hearing. As of now, the eligible citizens can expect their compensation benefit in late 2024 or early 2025. Till then, class members can adhere to the latest updates on the lawsuit settlement for further updates.
Claim Form and Deadline of the Bank of America Class Action Settlement
Citizens can opt out of the Bank of America Class Action Settlement on or before November 9, 2024. The rest of the class members do not need to file a claim form to receive the settlement amount. Those who are not opting themselves out of the settlement are eligible for the $21 million settlement in 2024.
The final approval of the class action lawsuit is going to take place on October 21, 2024. Once the court gives its final approval, the authorities will start to distribute the settlement amount to eligible class members. For more information regarding the Bank of America Class Action Settlement, eligible class members can also visit the official website of the settlement.
FAQs
Am I Eligible for the $21 million settlement amount?
If you were charged and had active checking or savings account in the Bank between March 8, 2019, and August 31, 2023, then you are eligible for the Bank of America Class Action Settlement.
When can I receive my share of the settlement?
The payment dates are not out as of now. However, you can expect your portion of the Bank of America Class Action Settlement in late 2024 or early 2025.
Do I need to file a claim form to receive settlement amount?
No, if you have not opted out of the settlement amount, then you do not need to file a claim for for the Bank of America Class Action Settlement.
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Raul joined SD News team in 2021, bringing his experience as a editor-cum writer on global financial & trending topics. From a young age, Raul developed a keen interest in Finance, which propelled his to pursue an undergraduate degree in global and international studies. Raul skillfully combines his knowledge of political economy and finance to empower readers with crucial insights.