Bank of America Agrees to $75 Million Settlement for Deposit Account Fees

Bank of America $75 Million Settlement for Deposit Account Fees

Bank of America has agreed to pay a total of $75 million over a lawsuit for fees it charged some customers for the last seven years. The bank disputes the claims, but it has agreed to settle to avoid the costs, distractions, and risks of litigation. As it’s normally the case with these settlements, Bank of America 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. You don’t need to file a claim or do anything else to become part of the member class. The Court will make a final decision regarding the Settlement at a “Final Fairness Hearing,” which is currently scheduled for January 18, 2022.

Attorneys’ fees and costs, could can be between 30-33% of the total, so affected customers will likely receive be around $50 million. That amount will be divided among all Settlement Class Members. You can read more details here.

What You Need to Do

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.

Related: See All Settlement Rebates Here