Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.
A proposed class action lawsuit alleges that Bank of America customers are being deceived into paying unnecessary ACH transfer fees. The bank’s website purportedly informs customers that they can incur a $3 or $10 ACH transfer fee for sending funds to another bank account.
However, the plaintiffs in the lawsuit contend that the bank failed to let customers know that the transfers could actually have been made for free had the funds been “pulled” from their accounts, rather than “pushed” into the other.
What are ACH Transfer Fees?
Automatic Clearing House (ACH) transfers are electronic money transfers that are made between banks. They are processed in batches through a network several times a day. Many individuals and business owners make ACH transfers without even knowing it. Different kinds of ACH transfers can include:
- Direct deposit
- Paying bills online
- Making deposits into a retirement or college savings account
- Paying vendors for a business
- Receiving payments from clients
ACH transfers can occur in two ways — they can be “pulled” from an account (as with recurring bill payments), or money can be “pushed” online to other accounts at banks. While many transfers for transactions such as bill payments are free, some banks impose a $3 charge for transferring money to different banks, according to Nerd Wallet.
Nearly $62 trillion in transactions were sent over the ACH network last year.
What Does the Bank of America Class Action Lawsuit Argue?
Bank of America customers who have filed a proposed class action lawsuit argue that the bank is misleading consumers into paying ACH transfer fees when any transfer made over the network can be made for free. The plaintiffs contend that not only could the fees have been avoided, but other banks do not charge them.
The lawsuit maintains that the fees would not have been incurred if the customer instructed the payee to pull the funds from their account — instead of pushing them into the payee’s account. However, the notice on the website gives customers the impression that there is no other option than to incur the fee.
Banks have made millions in profits from hidden fees charged to customers.
What Can You Do if You Were Wrongfully Charged ACH Transfer Fees?
If you have been wrongfully or deceptively charged ACH transfer fees by your bank that they refuse to reverse, you may be entitled to hold the institution accountable by joining a class action lawsuit. It’s best to consult with an experienced class action attorney who can advise you of your legal rights and remedies.
ATTORNEY ADVERTISING
Top Class Actions is a Proud Member of the American Bar Association
LEGAL INFORMATION IS NOT LEGAL ADVICE
Top Class Actions Legal Statement
©2008 – 2024 Top Class Actions® LLC
Various Trademarks held by their respective owners
This website is not intended for viewing or usage by European Union citizens.
7 thoughts onBank of America ACH Transfer Fees: What You Need to Know
BofA is a left wing immoral company supporting perversion of the sexes.
they are cheats
I have been charged fees to transfer funds from Bank of America to Navy Federal Credit Union as well as to Stockyards Bank. And on top of that, it takes several days for the funds to reach their destination.
Me too
Please add me
Please add me
Please add me