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Bank of America fees class action overview:
- Who: The father of a Bank of America customer is suing the bank.
- Why: The plaintiff claims the bank misleads personal accountholders into paying undisclosed fees on incoming wire transfers.
- Where: The Bank of America fees class action is active in the United States.
Bank of America misleads personal accountholders into paying undisclosed fees on incoming wire transfers, a new class action lawsuit alleges.
Plaintiff Matthew M. Guiney filed the class action lawsuit against Bank of America N.A. on behalf of E.G., his minor child, on July 21 in a New Jersey federal court, alleging violations of the New Jersey Consumer Fraud Act.
According to the lawsuit, Bank of America hides the fact it charges $15 incoming wire transfer fees on New Jersey personal accountholders when they receive funds to their accounts via domestic wire, and a $35 fee for international wires.
“Plaintiff and similarly situated personal accountholders are shocked when – after no warning and no disclosure – they are assessed Incoming Wire Transfer Fees after receiving wire deposits into their accounts,” the lawsuit states.
“Plaintiff and others like him were charged fees for incoming wires when they had no opportunity to review, limit, or avoid the fee.”
Bank of America has a pattern of unlawful behavior, lawsuit alleges
Bank of America is an outlier among U.S. banks in hiding the existence and amount of incoming wire transfer fees from its personal accountholders, the lawsuit alleges.
Guiney says the fees are unavoidable and hidden, “tacked on after the opportunity for any meaningful consumer choice has passed,” and deducted directly from consumer accounts without consent or notice.
He adds that the alleged activity follows a pattern of unlawful behavior conducted by the bank. On July 11, 2023, the Consumer Financial Protection Bureau ordered Bank of America to pay more than $100 million to customers for systematically double-dipping on fees imposed on customers, the lawsuit says.
As a result, Guiney seeks to represent all Bank of America personal accountholders with New Jersey-based accounts who were charged an incoming wire transfer fee within the statute of limitations.
He seeks certification of the class action, damages, fees, costs, an order forcing the bank to refund improper incoming wire transfer fees and a jury trial.
Meanwhile, Bank of America is facing a class action lawsuit alleging it charges illegal mortgage processing fees when borrowers make mortgage payments online or by telephone.
What do you think of the allegations against Bank of America in this case? Let us know in the comments!
The plaintiff is represented by James E. Cecchil, Kevin G. Cooper, Brian F. O’Toole and Jordan M. Steele of Carella Byrne Cecchi Holstein Brody & Agnello P.C.
The Bank of America class action lawsuit is Matthew M. Guiney, et al. v. Bank of America NA, Case No. 2:23-cv-03905 in the U.S. District Court for the District of New Jersey.
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18 thoughts onBank of America class action claims company misleads accountholders into paying undisclosed fees on incoming wire transfers
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