Bank of America $75M Improper Fees Class Action Settlement

Consumers who had a checking or savings account with Bank of America (BOA) and were charged a retry transaction, overdraft, nonsufficient funds (NSF), or intrabank transaction fee may be eligible for a payment thanks to a $75 million BOA fees class action settlement.

Settlement Class Members include Bank of America customers who had a checking and/or savings account and were charged one of the following fees between July 1, 2014, and July 29, 2021: retry transaction fee, Intrabank transaction fee, NSF fee, or overdraft fee.

Plaintiffs in a class action lawsuit allege Bank of America charged its customers improper fees systematically in a multipronged effort to earn more profit. 

The plaintiffs further say multiple BOA fees would get charged for a single transaction. Together, plaintiffs say, the bank’s practice of charging these fees would force customers into a cycle of deceptive and improper charges.

Bank of America disputes the plaintiffs’ allegations, and the company denies its actions were improper. 

The Court has not made any ruling about the actions of Bank of America, so no determination of guilt has been made in the BOA fees class action lawsuit. 

Despite that, both Bank of America and the plaintiffs have considered the risks and costs of continuing the class action lawsuit. Both parties believe the settlement is in the best interests of all Class Members and the company itself.

According to the settlement, the $75 million balance will get paid out on a pro rata basis after attorneys’ fees, service awards, and the costs of administering the settlement have been deducted. 

Current customers will get a credit on their accounts for the amount they’re entitled to receive, while former customers will receive a check.

Also as part of the settlement, Bank of America has also agreed to change certain practices for at least five years. It will stop assessing fees on retry transactions and will implement changes to its consumer account disclosures.

Class Members who do not wish to participate in the settlement must exclude themselves. By doing so, Class Members can continue pursuing any individual claims against Bank of America, but they will not receive any payment from this settlement.

Class Members who wish to continue participating in the class action lawsuit but are not happy with the settlement have a right to object.

The deadline to opt out of or object to the BOA fees class action settlement is Nov. 11, 2021.

No claim form is required.

Who’s Eligible

Settlement Class Members include Bank of America customers who had a checking and/or savings account and were charged one of the following fees between July 1, 2014, and July 29, 2021: retry transaction fee, Intrabank transaction fee, NSF fee, or overdraft fee.

Potential Award

Varies

Proof of Purchase

No proof of purchase required

Claim Form

No claim form required.

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Opt Out of or Object to Deadline

11/11/2021

Case Name

Morris v. Bank of America Settlement, Case No. 3:18-cv-00157-RJC-DSC, in the U.S. District Court for the Western District of North Carolina Charlotte Division

Final Hearing

01/18/2022

Settlement Website

NSFODSettlment.com

Claims Administrator

Morris v. Bank of America Settlement
P.O. Box 5645
Portland, OR 97228-5645
855-654-0890

Class Counsel

Larry McDevitt
David M. Wilkerson
THE VAN WINKLE LAW FIRM

Jeffrey D. Kaliel
Sophia Gold
KALIEL GOLD PLLC

James J. Pizzirusso
HAUSFELD LLP

Defense Counsel

Brian A. Kahn
Jasmine K. Gardner
MCGUIREWOODS LLP

Carolee A. Hoover
MCGUIREWOODS LLP