Bank of America ACH fees $8M class action settlement

Bank of America (BOA) agreed to an $8 million class action lawsuit settlement to resolve claims that it charged an unfair ACH transfer fee for push transfers to customer accounts.

The settlement benefits individuals who had a consumer checking and/or savings account with Bank of America and paid certain ACH transfer fees for push transfers to their own external account between April 4, 2018, and Nov. 17, 2023.

Plaintiffs in the class action lawsuit claim BOA charged a deceptive ACH transfer fee despite the fact that any transfer over the National Automated Clearinghouse “can always be made for free.” These $3 to $10 fees allegedly added up to significant profits for Bank of America at the expense of consumers. 

Bank of America is a national financial institution that offers banking and lending services to consumers and businesses.

The bank hasn’t admitted any wrongdoing but agreed to a $8 million settlement to resolve the bank fees class action lawsuit.

Under the settlement terms, class members can receive a proportional share of the net settlement fund based on the number of eligible ACH fees they paid. Payments will vary depending on the number of participating class members, but each class member is guaranteed to receive at least $2.

Current Bank of America customers will receive their settlement payment as an account credit, while class members without a Bank of America account will receive a check. 

The deadline for exclusion and objection is March 18, 2024.

The final approval hearing for the settlement is scheduled for April 30, 2024.

No claim form is required to benefit from the Bank of America ACH transfer fee settlement. Class members who do not exclude themselves will automatically receive a settlement payment.

Who’s Eligible

Individuals who had a consumer checking and/or savings account with Bank of America and paid certain ACH transfer fees for push transfers to their own external account between April 4, 2018, and Nov. 17, 2023

Potential Award

Varies

Proof of Purchase

N/A

Exclusion Deadline

03/18/2024

Case Name

Bruin, et al. v. Bank of America NA, Case No. 3:22-cv-140-MOC-WCM, in the U.S. District Court for the Western District of North Carolina

Final Hearing

04/30/2024

Settlement Website

ACHFirstPartyFeeSettlement.com

Claims Administrator

Bruin, et al. v. Bank of America, N.A.
Kroll Settlement Administration LLC
PO Box 5324
New York, NY 10150-5324
833-933-5580

Class Counsel

Andrew Shamis
Shamis & Gentile PA
Scott Edelsberg 
Christopher Gold 
EDELSBERG LAW PA

David M Wilkerson 
Larry McDevitt 
THE VAN WINKLE LAW FIRM

Jeffrey D Kaliel 
Sophia Gold 
KALIEL GOLD PLLC

Defense Counsel

Allison J Schoenthal 
Laura G Brys 
GOODWIN PROCTER LLP

Bradley Kutrow
MCGUIREWOODS LLP