$14,000,000 Handout To Bank of America Customers Incoming After Lender Accused of Intentional Charging Hidden Fees, Violating Account Agreements
Bank of America is preparing to hand $14 million to customers in a settlement over alleged hidden fees.
The settlement will resolve allegations that the banking giant intentionally charged hidden fees on incoming wire transfers for both checking and savings account holders.
Specifically, the bank is accused of purposefully levying and hiding $15 fees on incoming wire transactions without consent.
The lawsuit applies to people hit with the fees between March 8th, 2019, and August 31st, 2023, with both current and former customers eligible to benefit from the settlement.
Customers do not have to file a claim to receive the cash.
People who still have accounts at Bank of America and were charged at least one wire transfer in that period will see a credit posted on their account. Former customers will get a check in the mail.
The total settlement amounts to $21 million, with $7 million going toward legal fees.
A settlement is expected to receive a final approval at a hearing on October 21st.
Customers have until September 21st to exclude themselves from the settlement and retain the right to file a separate lawsuit on the issue.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post $14,000,000 Handout To Bank of America Customers Incoming After Lender Accused of Intentional Charging Hidden Fees, Violating Account Agreements appeared first on The Daily Hodl.