Bank of America class action claims bank failed to send statements yet enforced debts

Bank of America class action overview: 

• Who: Plaintiff Rebecca Atkins filed a class action lawsuit against Bank of America.
• Why: The lawsuit claims Bank of America does not send required monthly statements to customers who fall behind on their home equity lines of credit.
• Where: The Bank of America class action was filed in federal court in Richmond, Virginia.

A consumer filed a class action lawsuit against Bank of America claiming the company did not send required monthly statements to customers who fell behind on their home equity lines of credit.

The Truth in Lending Act requires banks to send monthly statements; however, Bank of America consistently failed to send statements to customers who missed payments on their home equity line of credit yet charged them for the debt, the class action claims. Bank of America is required to send statements for any month in which interest accrues.

Plaintiff Rebecca Atkins claims Bank of America stopped sending statements that would have informed her of interest and late fees when she fell behind on her home equity line of credit. 

“BOA’s conduct has caused Ms. Atkins significant financial and emotional harm, including but not limited to a reduction in her present and future home equity, deferral of repayment on her legitimate debts, emotional distress caused by the state court lawsuit and distress from the threatened loss of her home after over three decades,” the Bank of America class action says.

Bank of America waived rights to assess fees, class action claims

Atkins claims she continued to make partial payments until December 2019. In February 2024, Bank of America sued Atkins over the amount it claimed she owed despite failing to send the monthly statements.

“At a minimum, BOA waived its right to retroactively assess principal, interest and fees when it elected not to send statements disclosing the assessed amounts to Ms. Atkins and similarly situated consumers,” the class action says.

Bank of America agreed to a now-closed $500,000 class action lawsuit settlement to resolve claims it violated Florida law by sending late night debt collection communications to account holders.

Did Bank of America stop sending you monthly statements? Let us know in the comments.

The plaintiff is represented by Dale W. Pittman of The Law Office of Dale W. Pittman PC and Kristi C. Kelly, Andrew J. Guzzo, Casey S. Nash, J. Patrick McNichol and Matthew G. Rosendahl of Kelly Guzzo PLC.

The Bank of America class action lawsuit is Atkins v. Bank of America NA, Case No. 3:24-cv-00227, in the U.S. District Court for the Eastern District of Virginia Richmond Division.

Read About More Class Action Lawsuits & Class Action Settlements:

• Wells Fargo hit with recent class actions, agrees to settlement
• American Express data breach exposes customer names, card numbers, more
• UFB class action claims bank’s high-yield accounts pay below current interest rates
• Citibank class action alleges company charges unfair returned check fees