Who Is Eligible For Bank of America Lawsuit Settlement Amount 2024:Know Payment Dates

The Bank of America class action lawsuit has been a significant legal battle concerning the bank’s practices that financially harmed numerous customers.

Filed by a group of affected customers, the lawsuit alleged that Bank of America engaged in deceptive practices that resulted in substantial financial penalties for its clients.

After years of litigation, the lawsuit has reached a settlement, with the bank agreeing to compensate those affected.

Here’s a comprehensive look at the settlement details, eligibility, and what you need to do to claim your share.

Bank of America Lawsuit Settlement Amount 2024

The lawsuit stems from allegations that Bank of America charged millions of dollars in penalties to its customers without providing sufficient information about their accounts.

These charges were imposed between 2018 and 2022, affecting millions of customers. The Consumer Financial Protection Bureau (CFPB) reported these practices, prompting the federal government to order Bank of America to compensate the harmed customers.

Settlement Amount and Distribution

Bank of America has agreed to a substantial settlement to resolve these claims:

• Total Settlement Fund: The bank will pay a total of $250 million, which includes various components:
  • $80.5 million: Specifically allocated for refund payments to harmed customers.
  • $25 million: Additional payouts for customers affected by deceptive credit card practices.
  • $8 million: Allocated to cover legal fees, claimant payouts, and administrative costs.

The exact amount each customer receives will depend on the specific charges they incurred due to Bank of America’s practices.

Although the total fund is known, individual payout amounts will likely not be made public, as detailed information will be available on official web portals.

Important Dates and Timeline

The settlement process has been ongoing since 2021, with the court pressing Bank of America to expedite compensation. Here’s what you can expect:

• Compensation Timeline: Customers who filed a lawsuit should receive their compensation within 60 days of their claim being processed.
• Batch Payments: Due to the large number of claimants, the bank will process payments in batches, with an estimated 10,000 customers receiving payouts per day.
• Final Payouts: By the end of 2024, most affected customers should have received their compensation.

How to Claim Your Settlement

To be eligible for the settlement, customers must have been financially harmed by Bank of America’s practices between 2018 and 2022.

The good news is that affected customers do not need to submit a claim through an online portal—those who filed a lawsuit will automatically receive their refund.

Here’s what you need to know about the claiming process:

• Automatic Refunds: If you are eligible and have already filed a lawsuit, the settlement amount will be directly deposited into your savings account.
• Modification Requests: If you wish to receive the payment in a different account, you must submit a modification request along with the applicable charges.
• Document Submission: In cases where additional verification is required, you may need to submit documents such as identification, account information, cash slips, and evidence of the extra money paid to the bank.

Settlement Form and Legal Process

If you believe you were affected but did not file a lawsuit, you might still be able to protest in court by submitting the necessary documentation. This includes:

• Identification Papers: Proof of identity and personal information.
• Transaction History: Evidence of the additional charges imposed by the bank, including account information and cash slips.
• Court Review: Each case will be reviewed by the court, and the best-documented cases will be prioritized for compensation.

Who Is Eligible to Claim?

The settlement agreement has been approved by the court, and Bank of America has signed off on it. If you were a customer affected by the bank’s practices between 2018 and 2022 and filed a lawsuit, you are eligible for compensation.

Customers do not need to take further action beyond ensuring that their account information is up-to-date unless they wish to modify how they receive their payment.

The Bank of America class action settlement is a significant development for the millions of customers who were financially harmed by the bank’s practices.

With a total settlement fund of $250 million, affected customers can expect to receive compensation, although the process may take some time due to the large number of claims.

If you’re eligible, ensure your account details are accurate to receive your payment smoothly. For further details, keep an eye on official communications and legal portals related to this settlement.

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