Kenya, May 12 -- Bank of America, N.A. (BANA) has agreed to pay $21 million to settle a lawsuit. The lawsuit claimed the bank charged unfair $15 fees for incoming wire transfers.
The case, called Aseltine v. Bank of America, was filed in a court in North Carolina and got final approval on December 9, 2024.
The lawsuit said that BANA broke its own rules by secretly charging fees to customers who received wire transfers from March 8, 2019, to August 31, 2023.
People who are eligible for this settlement are U.S. residents who paid these fees and did not get their money back during that time. BANA says it did nothing wrong but chose to settle to avoid a long court fight.
As part of the settlement, current BANA account holders will get money directly added to their accounts. Former account holders will receive checks in the mail.
You do not need to fill out any forms to claim this money, and you can expect payments within 45 to 60 days after the settlement starts, likely by early February 2025. The settlement also includes $7 million for lawyers' fees, administrative costs, and a reward for the person who led the lawsuit.
How much money each person gets will depend on how many people claim it. Some people might receive as little as $2.29 or as much as $143.62.
The last date to opt out or object to the settlement was November 9, 2024. If you didn't choose to opt out, you have to accept the settlement and cannot make any related claims against BANA.
The settlement has received mixed reactions online, with some people unhappy about the small payments. One person even said their $2 payout was "one ten-millionth of the total settlement."
Published by HT Digital Content Services with permission from Bana Kenya.