Bank of America has recently announced a settlement in which they will be paying out $14 million to customers due to alleged hidden fees. The settlement comes as a resolution to accusations that the bank purposely charged undisclosed fees on incoming wire transfers for both checking and savings account holders.
The specific claim against Bank of America is that they intentionally applied and concealed $15 fees on incoming wire transactions without obtaining consent from their customers. This practice is said to have occurred between March 8th, 2019, and August 31st, 2023. Both current and former customers who were affected during this period are eligible to benefit from the settlement.
One of the key highlights of this settlement is that customers do not need to file a claim in order to receive the cash. For those who still hold accounts at Bank of America and were charged at least one wire transfer fee within the specified timeframe, a credit will be posted directly to their account. Former customers, on the other hand, will receive a check in the mail.
The total amount of the settlement is $21 million, with $7 million allocated towards covering legal fees. The final approval of the settlement is expected to take place at a hearing on October 21st. Customers who wish to exclude themselves from the settlement and retain the option to file a separate lawsuit have until September 21st to do so.
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In conclusion, Bank of America’s $14 million settlement over hidden fees serves as a reminder of the importance of transparency and accountability in the banking industry. By addressing these issues and compensating affected customers, the bank is taking steps towards rebuilding trust and ensuring fair practices in the financial sector.