Bank of America $21M Settlement for Wire Transfer Fees

If you had a consumer checking and/or savings account with Bank of America, N.A., and paid certain wire transfer fees on incoming payments into your account from March 8, 2019, through August 31, 2023, you may be eligible to claim a payment from a class action settlement.

Bank of America has agreed to pay $21,000,000 to settle a class action lawsuit for alleged improper assessment of wire transfer fees on incoming payments into consumer checking and/or savings accounts.

Who Can Claim an Award?

The settlement class includes all accountholders in the United States of a Bank of America consumer checking and/or savings account opened on or before August 31, 2012, who, during the class period from March 8, 2019, to August 31, 2023, paid and were not refunded an incoming wire transfer fee.

If you received a notice about this settlement, it means Bank of America's records indicate that you are a settlement class member who is entitled to receive a payment.

What Awards Can Class Members Claim?

Those who qualify for the settlement will receive a share of the net settlement fund based on their proportion of incoming wire transfer fees paid.

Is Proof Required to Claim the Reward?

Not applicable. The settlement administrator already has the necessary information to identify eligible class members.

How to Claim Your Award

To claim your award, you do not need to do anything if you are an eligible class member. The settlement administrator will automatically distribute the payments to current and past accountholders based on the information in Bank of America's records.

How do I Get Paid?

Current accountholders: Those who still have accounts with Bank of America as of the effective date of the agreement will receive a credit to their Bank of America accounts.

Past accountholders: Those who no longer have accounts with Bank of America will receive a check from the settlement administrator.

Settlement Fund Breakdown

The total settlement amount is $21,000,000. This amount will be used to cover the following:

• Attorneys' fees: Up to $7,000,000
• Litigation costs: Amount to be determined by the court
• Service award to the class representative: Up to $5,000
• Settlement administration costs: Amount to be determined
• Net settlement fund: The remaining amount will be distributed pro rata among eligible class members

Important Dates

• Opt-Out Deadline: September 21, 2024
• Final Approval Hearing Date: October 21, 2024

When will Awards be Paid?

Awards will be paid within approximately 45 to 60 days after the settlement's effective date, assuming there are no objections. If there are objections, the payment timeline may be extended.

Why is There a Class Action Settlement?

The lawsuit alleged that Bank of America improperly assessed wire transfer fees on incoming payments into consumer checking and/or savings accounts. By settling, Bank of America avoids the costs, distractions, and risks of litigation, even though it denies any wrongdoing.

What Happens Next?

The court will hold a final approval hearing on October 21, 2024, to determine if the settlement is fair, reasonable, and adequate. If approved, payments will be distributed to eligible class members.