Christina Spicer  |  March 16, 2021

Category: Fees

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Class action accuses Bank of America of charging deceptive transfer fees

A pair of consumers accuse Bank of America of making a “dishonest dollar” off of account holders by charging deceptive transfer fees.  

In a nationwide class action lawsuit filed in New York federal court today, lead plaintiffs Tami Bruin and Eline Barokas claim that Bank of America’s money transfer service is “valueless” and should be free for consumers. Bank of America preys on consumers’ lack of knowledge about how money transfers work and hits them with deceptive fees amounting to as much as $10 each, according to the class action lawsuit. 

Bruin, a North Carolina resident and Bank of America account holder, claims that she transferred money from her account to accounts at other financial institutions on several occasions, racking up fees each time 

Similarly, Barokas, formerly from New York and currently a New Jersey resident, says she has a Bank of America account and incurred fees for transfers between her accounts as well.  

Both plaintiffs say that Bank of America duped them into paying the transfer fees. They claim that had they initiated the transfer from the other financial institution, they wouldn’t have been charged a fee.  

The lawsuit alleges that Bank of America money transfers concern the National Automated Clearinghouse (NACHA) system. NACHA is “a complex electronic payments system operating invisibly in the background of much of the nation’s economic activity,” explains the class action lawsuit.  

Bank of America “is engaged in a multi-prong effort to deceive its accountholders about the workings of the NACHA system, so that it may use its superior knowledge about the system to extract fee income from its accountholders,” assert the plaintiffs.  

Most consumers, including the plaintiffs and their proposed nationwide Class, do not understand the NACHA system, points out the lawsuit. The class action lawsuit accuses Bank of America of exploiting this understandable lack of comprehension to issue deceptive transfer fees that occur through the NACHA system.  

The truth, claim the plaintiffs, is that money transfers that occur through NACHA can be made free for Bank of America customers. The class action lawsuit points out that many of Bank of America’s competitors do not charge a fee for such transfers.  

In addition to a nationwide Class of Bank of America account holders, the plaintiffs seek to represent New York, New Jersey, or North Carolina subclasses. The class action lawsuit is seeking damages and restitution for the allegedly deceptive transfer fees for alleged violations of state consumer protection law and unjust enrichment.  

Have you been hit with deceptive transfer fees from your bank? Do you have a Bank of America account? Tell us about your experience in the comment section below.  

Lead plaintiffs Tami Bruin and Eline Barokas are represented by Andrew Shamis of Shamis & Gentile, P.A., and Scott Edelsberg and Christopher Gold of Edelsberg Law, P.A. 

The Bank of America Deceptive Transfer Fees Class Action Lawsuit is Bruin, et al. V. Bank of America, N.A., Case No. 1:21-cv-02272, in the U.S. District Court for the Southern District of New York.  

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117 thoughts onBank of America Charges Deceptive Transfer Fees, Class Action Lawsuit Says

  1. Edgardo Valdez II says:

    I do have Checking with BOA.

  2. Claudia says:

    Yes I bank with Bank of America over a year now and I was wondering why I was getting charged extra fees I am on Ssi and I was getting charged fees that I thought I already paid for I just knew something was off but I didn’t have the time or knowledge to pin point what was actually going on.

  3. Matilda Gray-Waters and CHARLES WATERS says:

    Plz add us

  4. Dr Matilda L Gray-Waters and Charles Watera says:

    BOA: Charged us so many fees and refused to give money back and went so far as to close our accounts and waited until our VA Pension check came and accepted it on a closed account and we need got our VA Pension for that August 2019. We are outraged and it caused us to lose a lot and it inflicted unnecessary pain and suffering on us and additional financial strain. We became homeless behind BOA stealing

  5. Sabrina Robinson says:

    Bank of America took a lot of money from me I would love to get all the money they took from me

  6. Sabrina Robinson says:

    Please add me

  7. Lisa A Gutierrez says:

    Bank of America froze my Edd Account after i was robbed filed my claim put me negative $18,711.00 And then took all my edd pymts and credits and adjustments and clsim and made me pay it all off.

  8. Anthony chasten says:

    Took way too much money uncalled for ..

  9. Will A. says:

    I have been getting hit with multiple overdraft fees for the same transaction and I attempted to make it right before closing and was still charged an overdraft fee. Bank of America has not been helpful at all, refuses to assist with the overdraft fees. Please add me.

  10. karen johnson says:

    i was charged two overdraft fees yesterday for one overdraft and waited on hold for 25 minutes with BOA to correct the error but they refused. would not accept my screenshot as proof

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