Bank Of America ACH Settlement: Scam Or Legit? Read This

Did you receive the Bank of America ACH Settlement email? It’s not a scam

Bank of America just signed off on an $8 million settlement deal. Why, you ask? Well, it turns out they were accused of slapping unfair ACH transfer fees on push transfers to customer accounts.

Who Is Eligible For The Bank Of America ACH Settlement

If you had a checking or savings account with Bank of America and you were hit with some ACH transfer fees between April 4, 2018, and Nov. 17, 2023, you might be in. However, Bank of America agreed to pay up $8 million to settle a lawsuit filed by people who claimed they got slapped with unfair fees for push transfers to their own external accounts.

The plaintiffs argued that Bank of America was pulling a fast one by charging these sneaky ACH transfer fees, despite the fact that, supposedly, any transfer over the National Automated Clearinghouse could always be done for free.

How Much Is The Settlement

Bank of America might not be saying they messed up but officially, but they’ve agreed to drop $8 million to settle the score in a class action lawsuit over those pesky bank fees.

So, if you’re part of the class action squad and had to deal with ACH fees, you’re in luck. You could be looking $8 million, and it’s all based on how many of those annoying fees you racked up. The more you paid, the more you get.

How To File A Claim

There is no claim form, if you qualify, they will contact you.

Conclusion

In conclusion, Bruin, et al. v. Bank of America NA, Case No. 3:22-cv-140-MOC-WCM, is not a scam. Just like LoanCare Data Breach Class action, also if you’re part of the class action squad and had to deal with ACH fees, you’re in luck.