Bank of America recently agreed to settle an $8 million class action lawsuit over excessive fees charged for processing Automated Clearing House (ACH) transactions, according to which they imposed excessive costs that violated EFTA (Electronic Funds Transfer Act).
Bank of America is a national financial institution with easy access to more than 4,000 locations and 16,000 ATMs throughout the US. Bank of America did not admit any illegal conduct; instead, it has reached an $8 million agreement to settle all fees associated with class action lawsuits.
Current customers of Bank of America will receive account credit as payment for settlement value, while class members who do not currently possess one will receive cheques as compensation for settlement value.
Bank of America savings account customers who paid ACH transfer fees for push transfers between April 4, 2018 and November 17, 2023 are included in this settlement, and compensation will either be automatically deposited back into their customer account or provided as a cheque payment.
Though exact details regarding benefits remain hazy at this point, affected customers could receive at least $2.00 as a minimum payment to distribute among Settlement class members.
Effective customers need not to worry as compensation will be made automatically without applying.