Bank of America $500,000 Settlement for Debt Collections

If you're a Florida resident and received a consumer account communication from Bank of America between 9:00 p.m. and 8:00 a.m. on or after April 22, 2020, you may be entitled to compensation as part of a class action settlement. This settlement addresses allegations that Bank of America sent communications in violation of the Florida Consumer Collection Practices Act (FCCPA), which the bank denies. The official settlement website provides comprehensive details for those who may benefit from this settlement, including key dates, eligibility criteria, and how to file a claim.

Who Benefits?

Florida residents who received pre-recorded calls or messages on their cell phones from Bank of America regarding a consumer account during the specified hours and within the defined period are eligible for the settlement award.

How much can I get?

Eligible class members who submit a valid claim may receive a pro-rata share of the settlement fund, not to exceed $500.

Important Dates

• Final Approval Hearing: The Final Approval Hearing is set for January 11, 2024.
• Deadline to File a Claim: Claims must be submitted or postmarked by January 26, 2024.

Identifying Eligible Class Members

Eligibility for the settlement includes all Florida residents who received electronic communications from Bank of America regarding a consumer account between 9:00 p.m. and 8:00 a.m. local Florida time, from April 22, 2020, to the date of the Final Approval Order. These communications include emails, texts, push alerts, and other electronic notifications.

Class member exclusions include the presiding judge, Bank of America's employees, immediate family members of these groups, any Settlement Class Member who has opted out, and Plaintiff’s Counsel and their immediate family.

Understanding the Settlement Award

Bank of America has agreed to create a Settlement Fund of $500,000 to compensate eligible class members. Each class member who files a valid claim by the deadline may receive up to $500, depending on the number of valid claims submitted.

• Tier 1: Up to $500 per valid claim, distributed on a pro-rata basis.

The Communications at the Heart of the Settlement

The settlement revolves around consumer account communications sent by Bank of America, which allegedly occurred during restricted hours as defined by the FCCPA.

• Pre-recorded calls and/or messages to cell phones
• Communications regarding consumer accounts
• Sent between 9:00 p.m. and 8:00 a.m. local Florida time

Is Proof Required to Claim the Reward?

Claimants must submit a valid, signed Claim Form under penalty of perjury to be eligible for the settlement award. The form requires detailed information to verify the claimant's eligibility.

How to Claim Your Award

To claim your award, you must complete and submit a Claim Form available on the official settlement claim submission page. The form must be filled out accurately and signed under penalty of perjury.

Claims can be submitted online or by mail and must be postmarked by January 26, 2024, to be considered valid.

Analyzing the Settlement Amount

The $500,000 settlement amount was determined through negotiations between the parties and is intended to compensate class members without the need for a trial.

The amount each class member will receive is subject to the total number of valid claims submitted, with each claimant eligible for up to $500.

The Rationale Behind the Class Action Settlement

The settlement aims to resolve allegations against Bank of America for sending communications during restricted hours, which the bank denies. This settlement allows both parties to avoid the uncertainty of litigation and provides compensation to affected individuals.

Following the Final Approval Hearing, if the settlement is approved, eligible class members who have submitted valid claims will receive their compensation.