$21M Bank of America wire transfer fees class action settlement

Consumers who paid wire transfer fees could benefit from a $21 million Bank of America settlement resolving claims that its fees violated account agreements.

The settlement benefits individuals with Bank of America consumer checking or savings accounts who were charged certain wire transfer fees on incoming payments between March 8, 2019 and Aug. 31, 2023.

According to the class action lawsuit, Bank of America violated its account agreements and charged a hidden $15 fee on incoming wire transfers. The lawsuit alleges that the bank intentionally obscured these fees to profit from unknowing account holders without consent or notice.

Bank of America is a nationwide bank and lender.

Bank of America hasn’t admitted any wrongdoing but agreed to pay $21 million to resolve the bank fee class action lawsuit.

Under the terms of the Bank of America settlement, class members can receive a proportional share of the settlement fund based on the amount they paid in wire transfer fees. Current account holders will receive their share of the settlement fund as a credit to their Bank of America accounts. Class members without an active Bank of America account will receive their settlement payment in the form of a mailed check.

Payment amounts will vary for each class member. No payment estimates are available at this time.

The deadline for exclusion and objection is Sept. 21, 2024.

The final approval hearing for the settlement is scheduled for Oct. 21, 2024.

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

Who’s Eligible

Individuals with Bank of America consumer checking or savings accounts who were charged certain wire transfer fees on incoming payments between March 8, 2019 and Aug. 31, 2023.

Potential Award

Varies

Proof of Purchase

N/A

Exclusion Deadline

09/21/2024

Case Name

Aseltine v. Bank of America NA, Case No. 3:23-cv-00235-MOC-WCM, in the U.S. District Court for the Western District of North Carolina

Final Hearing

10/21/2024

Settlement Website

BANAWireTransferFeeSettlement.com

Claims Administrator

Aaron Aseltine v. Bank of America, N.A.
c/o Kroll Settlement Administration LLC
PO Box 225391
New York, NY 10150-5391
833-522-3647

Class Counsel

Jeff Ostrow
Jonathan Streisfeld
KPELOWITZ OSTROW PA

David M Wilkerson
THE VAN WINKLE FIRM

Sophia Gold
KALIELGOLD PLLC

Defense Counsel

Laura A Stoll
Laura G Brys
GOODWIN PROCTER LLP

Bradley R Kutrow
MCGUIRE WOODS LLP