Consumers who paid wire transfer fees may benefit from a $21 million settlement with Bank of America, addressing claims that these fees violated account agreements.
This settlement applies to individuals with Bank of America consumer checking or savings accounts charged specific wire transfer fees on incoming payments between March 8, 2019, and August 31, 2023.
$21M Bank of America Wire Transfer Fee Class Action Settlement
Bank of America has agreed to pay $21 million to resolve allegations that it charged a hidden $15 fee on incoming wire transfers, violating account agreements. Although Bank of America denies any wrongdoing, it has chosen to settle the lawsuit.
Eligibility
The settlement benefits:
- Individuals with Bank of America consumer checking or savings accounts.
- Charged certain wire transfer fees on incoming payments between March 8, 2019, and August 31, 2023.
Settlement Details
- Proportional Share: Class members will receive a proportional share of the settlement fund based on the wire transfer fees they paid.
- Payment Method:
- Current Account Holders: Payments will be credited directly to their Bank of America accounts.
- Former Account Holders: Payments will be made via mailed checks.
Important Dates
- Exclusion and Objection Deadline: September 21, 2024.
- Final Approval Hearing: October 21, 2024.
No Claim Form Required
Class members do not need to submit a claim form. Those who do not exclude themselves will automatically receive their settlement payment.
Case Information
- Case Name: Aseltine v. Bank of America NA
- Case Number: 3:23-cv-00235-MOC-WCM
- Court: U.S. District Court for the Western District of North Carolina
Settlement Administration
- Settlement Website: BANAWireTransferFeeSettlement.com
- Claims Administrator:
- Aaron Aseltine v. Bank of America, N.A.
- c/o Kroll Settlement Administration LLC
- PO Box 225391
- New York, NY 10150-5391
- Phone: 833-522-3647
Legal Counsel
- Class Counsel:
- Jeff Ostrow, Jonathan Streisfeld (KPELOWITZ OSTROW PA)
- David M Wilkerson (THE VAN WINKLE FIRM)
- Sophia Gold (KALIELGOLD PLLC)
- Defense Counsel:
- Laura A Stoll, Laura G Brys (GOODWIN PROCTER LLP)
- Bradley R Kutrow (MCGUIRE WOODS LLP)
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- Bath & Body Works & Victoria’s Secret FACTA settlement
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- Discover Bank DACA loans $975K class action settlement
- Seresto flea and tick collars $15M class action lawsuit settlement
This settlement offers financial relief to affected Bank of America customers, ensuring compensation for improper wire transfer fees. For further details and updates, visit the official settlement website.
FAQs
Who is eligible for the Bank of America wire transfer fee settlement?
Individuals with Bank of America consumer checking or savings accounts charged wire transfer fees on incoming payments between March 8, 2019, and August 31, 2023.
How will eligible class members receive their settlement payment?
Current account holders will receive a credit to their Bank of America accounts, while former account holders will receive a mailed check.
Is a claim form required to receive the settlement payment?
No, class members who do not exclude themselves will automatically receive their settlement payment without submitting a claim form.
What is the deadline for exclusion and objection to the settlement?
The deadline for exclusion and objection is September 21, 2024.
When is the final approval hearing for the settlement?
The final approval hearing is scheduled for October 21, 2024.
