It has been reported by the Consumer Financial Protection Bureau (CFPB) that Bank of America charged millions of dollars in form of penalties from the consumer without proper information regarding bank account from 2018 to 2022. The affected clients filed a lawsuit against the bank because of this fraud. Court approved the settlement after the federal government asked the bank to compensate the affected individuals. Eligible customers have been decided by the court and now they can receive the compensation too. Get the latest updates regarding the Bank of America Class Action Lawsuit Amount, Settlement Dates, Form and Who Can Claim it.
Bank of America Class Action Lawsuit 2024
If reports to be believed by the Consumer Financial Protection Bureau (CFPB) the bank charged million dollars of cash as penalties from its users. All this happened because user had no information regarding their accounts. The bank took this whole amount from the year 2018 to 2022. The customers sued the Bank of America, claiming the bank did fraud with millions of users.
The Federal government has ordered the bank of America to reimburse the clients they harmed for the penalties. The Bank has officially signed the settlement agreement after the authorization from the court. If the class members are certified by the court, then they will be considered the eligible candidates for the compensation.
Bank of America Class Action Lawsuit 2024 Overview
| Name of the Bank | Bank of America |
| Government Involved | The Federal Government |
| Authorised Body | Consumer Financial Protection Bureau |
| Date of Fraud | 2018-2022 |
| Total Amount | $250 million |
Bank of America Settlement Amount
The settlement agreement details the full compensation amount for the impacted users or clients. The Bank of America needs to pay $250 million to the federal government now. They also need to pay around $80.5 million to clients who were overcharged.
As per CFPB’s reported estimate the Bank of America will also pay additional amount of $25 million as compensation. This will be paid to users who suffered losses due to dishonest credit card practices. An additional $8 million will be used to cover legal fees, administrative charges and other expenses. To know the detailed information visit the official web portal. Individual payout amount will not be disclosed for the public eye.
Bank of America Settlement Dates
This settlement is pending or ongoing since the year 2021. The court has ordered the Bank of America to settle the compensation amount as soon as possible. All the users who have filed for the lawsuit will get their compensation amount in 60 days after their claim has been processed. Due to the large number of affected users the compensation process will be completed by the end of the 2024 and that too will be carried out in batches of 10,000 per day. Initially the process will be very time consuming but all the cases will be completed till the end of 2024.
Bank of America Settlement Form
The consumer can revolt in the court by saying that the person is a victim of this fraudulent activity. Remember when you are claiming you need to submit a lot of documents like identification papers, and personal information documents as well. Once done, for the verification you need to submit your bank account information, cash slips in the same account and other such documents. You also need to submit documents stating a proof that you paid additional money to the bank.
You need to submit your whole transaction history to prove this. As a claimant you need to provide all the above mentioned document in the court along with the submitted lawsuit. Then the court will review all the cases and will select the best one and will move forward with the procedure. There are millions of cases and it will take a lot of time to complete this procedure but the settlement amount will be made available to people as soon as possible.
Who can Claim The Bank Of America Settlement Amount
The court has approved the settlement case and the Bank of America has also signed the settlement agreement. The customers who have been harmed due to this act do not need to submit any form through any sort of online portal or platform. If the customer has already filed the lawsuit they will receive the settlement amount automatically.
The user will receive this amount in their savings bank accounts automatically as per their provided documents. However, if the customer wants to get the amount into account, they can submit an application for change in the settlement case with the appropriate charges. All they have to do is submit the breach details and the bank account number in the settlement claim given in the bank.
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Lisa is a seasoned financial analyst and writer specializing in the industry sector. With a background in economics and over a decade of experience covering global financial markets, Lisa offers expert commentary on the economic factors influencing the oil and gas industry.