Consumer protection law settlement over unfair Bank of America ACH fees
Bank of America has agreed to an $8 million class action settlement to resolve claims that it unfairly charged customers ACH transfer fees for push transfers made to their own external accounts. This Bank of America ACH fee settlement impacts consumers nationwide, including in major financial centers such as Los Angeles, New York City, and Chicago.
Case background
The lawsuit alleged that Bank of America charged customers $3 to $10 ACH transfer fees that should have been free under the National Automated Clearinghouse system. Plaintiffs claimed these deceptive fees generated significant profits for the bank at the expense of consumers.
Although Bank of America denied wrongdoing, it agreed to the settlement to resolve the claims and avoid further litigation.
Settlement details
- Who’s Eligible? Anyone with a consumer checking and/or savings account who paid ACH transfer fees for push transfers between April 4, 2018, and November 17, 2023.
- Payments: Class members automatically receive a share of the net settlement fund, with at least $2 guaranteed per person.
- Distribution: Current Bank of America customers are credited directly to their accounts, while former customers receive a check by mail.
- No Claim Form Required: Eligible members are automatically included unless they opted out.
Final approval was granted on May 14, 2024, and payments began going out on June 25, 2024, with some class members receiving up to $9.61.
KalielGold’s role in consumer protection law
The plaintiffs were represented in part by KalielGold PLLC, serving as Class Counsel. KalielGold has been at the forefront of consumer protection litigation across the United States, helping hold major banks accountable when they impose unfair or deceptive fees. By securing this Bank of America ACH fee settlement, KalielGold and co-counsel delivered meaningful financial relief to thousands of consumers.
Protecting consumers from unfair bank fees
Class action cases like this demonstrate the importance of consumer protection law in ensuring that financial institutions cannot take advantage of their customers. If you believe you have been unfairly charged banking fees you may have legal options.
Contact KalielGold PLLC today to learn how we can help protect your rights.
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