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Bank of America agrees to $21m settlement over wire transfer fees

May 24, 2024

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Settlement addresses improper wire transfer fees

Bank of America has agreed to a $21 million settlement to resolve a class action lawsuit claiming the bank improperly charged consumers wire transfer fees. Plaintiffs argued that the bank’s practices were deceptive and harmful, particularly for customers least able to bear unexpected costs. The case highlights how financial institutions can profit from hidden or misleading fees at the expense of vulnerable account holders.

How customers were affected

According to the complaint, customers paid more than what was promised or understood under Bank of America’s account terms. Many of those impacted were low-income or financially strained households, compounding the financial burden. Advocates say the case demonstrates the need for clear disclosure and fairer banking practices.

The legal claims in the lawsuit

The lawsuit alleged violations of consumer protection laws and breaches of contract. Relief sought included restitution, damages, and injunctions to prevent similar practices in the future. Courts evaluating cases like this must balance the bank’s business practices against the rights of consumers to transparency and fairness.

KalielGold’s role as class counsel

The plaintiffs were represented in part by KalielGold PLLC, a firm with offices in Washington, DC and Oakland, California. KalielGold is recognized for its work in consumer protection litigation, especially cases involving hidden or excessive banking fees. In this wire transfer fee lawsuit, the firm helped secure a $21 million settlement that provides real financial relief while holding Bank of America accountable for its practices.

Why working with a wire transfer fee lawyer matters

This case shows why having an experienced wire transfer fee lawyer is critical when banks impose unfair or undisclosed charges. Firms like KalielGold investigate questionable practices, pursue restitution, and fight for systemic changes to protect consumers nationwide.

Were you charged unfair transfer fees?

KalielGold is committed to protecting consumers from deceptive or improper banking practices. If you believe you were unfairly charged wire transfer fees or other hidden charges, you may have legal options.

Contact KalielGold PLLC today to learn more about your rights and how we can help.

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