Bank of America might owe you money. Here’s what you need to know

Bank of America, the second-largest bank in the United States, has agreed to settle a class action lawsuit brought against it for charging repeated fees for some insufficient funds transactions. Here’s what to know about the class action lawsuit, and if Bank of America owes you some money.

What’s happened? A class action lawsuit was brought against Bank of America after it charged customers repeated fees for insufficient funds when the transactions were reattempted for payment. These repeated fees included two types: Non-Sufficient Funds (NSF) fees and check overdraft fees. Basically, if a customer had insufficient funds in their account and a transaction or check was posted to the account, the customer would receive an NSF or overdraft fee. However, if an attempt was made to repost the same transaction or check again, Bank of America would charge customers the same fee again.
What is the settlement offer? Bank of America has agreed to pay out $8 million to customers who were not already refunded for repeated NSF or overdraft fees, according to the class action settlement website. Bank of America has also promised to abandon the duplicate fee penalties for re-presented payments for at least five years.
Who can claim compensation? Anyone who has a Bank of America consumer checking and/or savings account and incurred repeated fees as described on the class action settlement website can claim part of the settlement funds, provided that the transactions occurred between May 19, 2017 and February 16, 2023.
How much will I get? That depends upon how many settlement class members there are. After legal and administration fees are deducted from the $8 million settlement, the remaining sum will be divided among eligible members on a pro rata basis.
Do I have to do something to receive payment? No. The official class action website states, “If you were assessed, paid, and were not refunded the types of fees that are being challenged in this case, then you will receive a payment from the Settlement Fund so long as you do not opt-out of the Settlement.” Affected customers could choose to opt-out if they want to retain the right to file a lawsuit against Bank of America themselves. The date by which you must opt-out or file an objection with the court is June 24, 2023. You can learn how to opt-out on the class action settlement website here.
When will I get my payment? Provided you do not opt-out or object, and proceedings aren’t delayed or held up, you should receive your payment 30 to 60 days after July 24, 2023, which is when the court is scheduled to rule on approving the settlement.
The class action settlement website has full details about the settlement offer and your rights here.

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