Bank of America Class Action Lawsuit: ACH Transfer Fees Guide
A Bank of America class action lawsuit regarding specific ACH transfer fees has been settled. If you’re a Bank of America customer charged these fees, this guide will walk you through the lawsuit, the settlement, and your choices.
What’s the Bank of America Class Action About?
The lawsuit claims Bank of America charged fees for certain ACH transfers, specifically for “push” transfers from consumer checking or savings accounts to external accounts. Bank of America denies any wrongdoing but is settling to avoid further litigation.
By settling giving up your right to sue Bank of America on your own about the same claims.
Who’s Included?
The settlement class includes Bank of America customers who:
- Had a consumer checking or savings account
- Were charged fees for ACH transfers to their external accounts
- Were charged these fees between October 16, 2016, and February 23, 2023
The Settlement: What’s Being Offered?
Bank of America will create a settlement fund of $7.75 million. After deducting attorney fees, administrative costs, and other expenses, the remaining amount (the net settlement fund) will be paid to class members. Payments will be net settlement fund-based, meaning they will be paid out based on the number of claims filed.
How Will Payments Be Made?
If the settlement is approved, class members will be paid in one of two ways:
- Automatic Account Credit: If you’re a current account holder
- Check by Mail: If you’re a former account holder
The amount each class member gets will depend on the fees they were charged and the number of valid claims filed.
Your Choices as a Class Member
As a class member, you have several choices:
- Do Nothing: You’ll get your share of the settlement if you’re eligible.
- File a Claim: If you’re eligible but don’t get an automatic payment, you can file a claim form.
- Opt Out: You must opt out of the settlement if you want to keep your right to sue Bank of America on your own about these issues.
- Object: If you don’t agree with the settlement, you can write to the court to object to it.
Key Dates and Deadlines
- Opt-Out Deadline: July 1, 2024
- Objection Deadline: July 1, 2024
- Claim Deadline: August 15, 2024
- Final Approval Hearing: August 30, 2024 at 10:00 a.m.
The Process: What’s Next?
The United States District Court for the Western District of North Carolina is handling this case. The court will hold a final approval hearing on August 30, 2024 at 10:00 a.m. to approve the settlement, including attorney fees and any service awards to the class representatives.
FAQs
- Q: How do I know if I’m in the class? A: If you had a Bank of America consumer checking or savings account and were charged fees for ACH transfers to your external account between October 16, 2016, and February 23, 2023, you’re in.
- Q: How much will I get? A: The amount will depend on your charges and the number of valid claims. Payments will be based on your percentage of the total fees charged to all class members.
- Q: Do I have to do anything to get paid? A: You don’t have to do anything if you’re a current account holder. Former account holders may need to file a claim.
- Q: What if I don’t like the settlement? A: You can object to the settlement by writing to the court by July 1, 2024. Or you can opt out of the settlement by the same date to keep your right to sue separately.
- Q: Will accepting the payment affect my legal rights? A: Yes, by accepting the payment, you’re giving up your right to sue Bank of America on your own for these ACH transfer fees.
- Q: What are ACH fees, and how do they relate to the class action? A: ACH fees are fees for Automated Clearing House (ACH) transfers, electronic transfers between banks. In this class action, Bank of America was accused of charging unfair ACH fees for transfers to external accounts. The settlement allows class members to get their share of the settlement based on the fees they were charged.
End
This settlement is for Bank of America customers who were charged ACH transfer fees. Whether you accept, opt out or object you need to know your rights and options.
Remember this article is general information and not legal advice. For specific questions about your situation contact a lawyer.
More Information
- Visit the settlement website: www.BofACrossAccountTransferFeeSettlement.com
- Call the settlement administrator: 1-888-271-8159
- Contact the class attorneys:
- Shanon J. Carson, Berger Montague PC, 215-875-4656
- Daniel O. Herrera, Cafferty Clobes Meriwether & Sprengel LLP, 312-782-4880
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