Act Fast: See if You Qualify for Bank of America Settlement Before Monday’s Deadline!

When significant class action lawsuits are won, they can provide substantial financial rewards and a sense of justice for the plaintiffs. In cases where large corporations like Bank of America breach consumer rights, the chances of a plaintiff’s success increase significantly if they are backed by a large group. This collective force often brings a much stronger case against a company worth billions. Recently, Bank of America has settled a lawsuit worth millions of dollars.

Bank of America Provides Services to Nearly 70 Million Americans

Bank of America caters to approximately 69 million individuals across the United States and operates 3,700 branches nationwide. It stands as the nation’s second-largest bank, managing $3.26 trillion in total assets as of 2024 and ranking sixth globally in asset size. The bank is currently expanding, with plans to open 150 new branches by the end of 2027.

One of Bank of America’s distinguishing features is its emphasis on in-person banking services despite the growing trend towards digital banking. Even though over 90% of their customer interactions occur online, the bank continues to stress the importance of maintaining a substantial physical presence:

“We are constantly exploring new markets and potential expansions. We’ve also noticed that our digital growth accelerates in areas where we have physical branches,” explained Holly O’Neill, president of consumer, retail, and preferred banking at Bank of America, in a statement to Reuters.

Bank of America Agrees to Multimillion-Dollar Settlement

Earlier this year, Bank of America consented to a $2.85 million settlement to resolve claims that it had breached New York’s Exempt Income Protection Act (EIPA). This consumer protection law safeguards certain types of income from being seized when a creditor freezes a bank account. The lawsuit alleged that Bank of America improperly charged fees on accounts that were either attached or garnished.

The settlement benefits those who had a Bank of America account that was either restrained or levied from January 1, 2009, to February 17, 2023, due to violations of the EIPA. These charges were reportedly calculated based on a collective assessment rather than individual evaluations. Furthermore, it was alleged that Bank of America issued certified checks to judgment debtors for their exempt funds instead of making these funds available in the plaintiffs’ accounts, subsequently charging additional fees, further violating EIPA.

Settlement Deadline Approaches

Although Bank of America has settled, it has not admitted any wrongdoing. The deadline to opt-out or object is May 19, with the final approval hearing scheduled for June 18. If you do not opt out, you will automatically be included in the settlement, which is estimated to offer about $35 per claimant.

Regarding opting out or objecting, some class action members might choose to leave the settlement if they believe they could achieve a better result individually, or if they disagree with the settlement terms. Objecting means you stay within the settlement but disagree with its terms. If the court sides with your objection, it could potentially alter the terms of the settlement. For more details on this settlement and how to file a claim, visit Top Class Actions.