Bank of America is preparing to hand over $14 million to customers in a settlement over alleged hidden charges.
The settlement will put an end to allegations that the banking giant deliberately charged hidden fees on incoming wire transfers for checking and savings account holders.
Specifically, the bank is accused of intentionally and without authorization charging and concealing $15 fees on incoming bank transactions.
The lawsuit applies to people who were hit with the charges between March 8, 2019 and August 31, 2023, with both current and former customers eligible to take advantage of the settlement.
Customers do not need to file a claim to receive the money.
People who still have an account with Bank of America and have been charged at least one wire transfer during that period will see a credit appear on their account. Former customers will receive a check in the mail.
The total settlement is $21 million, of which $7 million will go to legal fees.
A settlement is expected to be finalized at a hearing on October 21.
Customers have until September 21 to exclude themselves from the settlement and retain the right to file a separate lawsuit over the matter.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us further XFacebook and Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney