Bank of America Will Pay $75M in Settlement for Fees Assessed in Last 7 Years

This post may contain affiliate links; please read our advertiser disclosure for more information.

Bank of America $75 Million Settlement

Bank of America $75 Million Settlement

Bank of America has agreed to pay $75 million to settle a lawsuit over fees it has charged customers for the last seven years. Bank of America disputes the claims, but it has agreed to settle to avoid the costs, distractions, and risks of litigation. The bank denies that it did anything improper.

If you had a checking and/or savings account with Bank of America and you were assessed a Retry Transaction Fee, Intrabank Transaction Fee, or an overdraft fee or NSF Fee as a result of fee timing practices, between July 1, 2014, and July 29, 2021, then you may be entitled to a payment.

If you received the Class Notice, then Bank of America’s records indicate that you are a Settlement Class Member who is entitled to receive a payment. The Court will make a final decision regarding the Settlement at a “Final Fairness Hearing,” which is currently scheduled for January 18, 2022.

The balance of the settlement fund after attorneys’ fees and costs, could be around $50 million. That amount will be divided among all Settlement Class Members. You can read more details here.

Your Options

You have three options:

  • do nothing and you will receive a payment according to the terms of this Settlement but you give up your rights to sue BANA separately about the same legal claims in this lawsuit;
  • exclude yourself from the Settlement (“opt out” of it) and you will not receive any settlement payment; or
  • participate in the Settlement but object to it.

Here are some important dates:

  • If you do nothing, you will receive a Settlement Payment if you are a class member.
  • The deadline for sending a letter to exclude yourself from or opt out of the Settlement is November 11, 2021.
  • The deadline to file an objection with the Court is November 11, 2021.
DDGhttp://dannydealguru.com
Based in NYC. Points/miles enthusiast for years and actively writing about it for the last 6+ years at Danny the Deal Guru. I'm always looking out for deals. Making a few bucks is always nice, but the traveling is by far the best part of this business.

More Like This

1 COMMENT

Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here

7,703FansLike
15,951FollowersFollow
24,000SubscribersSubscribe

RebatesMe - $40 Bonus!

Super easy bonus! Sign-up and they'll pay you $40 after your earn $10 cashback. That's it!
Grab Your RebatesMe Bonus!

Webull - 2 Free Stocks!

Brokerage app Webull is offering 2 Free Stocks! Just open an account and fund with $100 to get your stocks valued up to $1600! Super easy!
Grab your 2 free stocks now!
BoardingArea

Subscribe To Our Newsletter

Join thousands of MtM readers who are subscribed to receive a once daily email with all of our posts. Never miss out!

You have Successfully Subscribed!