Written By: Anushka
The Bank of America Settlement 2024 involves a $250 million penalty for charging illegal fees. Millions of affected customers are set to receive refunds.
The Consumer Financial Protection Bureau (CFPB) found that Bank of America charged millions in illegal overdraft fees between 2018 and 2022, leading to a massive settlement case.
Refunds are expected to be processed by the end of 2024. The payments will be issued in batches, with up to 10,000 refunds processed per day.
Bank of America will pay $250 million as a penalty and an additional $80.5 million in refunds to affected customers. An extra $25 million is for deceptive credit card practices.
Customers affected by the illegal charges from 2018 to 2022 qualify for the settlement. Refunds will be automatically deposited into their accounts.
No specific application is needed for the settlement. Affected customers who want to receive their refund in a different account can file a modification request with the court.
Customers filing an objection need personal details, proof of identity, account details, transaction history, and proof of extra payments made to the bank.