Bank of America Overdraft Settlement: How Much Will I Get in 2021?
Bank of America, one of the largest banks in the United States, has recently reached a settlement in a class-action lawsuit regarding its overdraft practices. The lawsuit alleged that the bank charged excessive fees for overdrafts and reordered transactions to maximize these fees. As a result, Bank of America has agreed to pay a settlement amount to affected customers. If you are one of these customers, you may be wondering how much you will receive in this settlement. In this article, we will provide you with information on the Bank of America overdraft settlement and answer some frequently asked questions.
How much will I get in the Bank of America overdraft settlement?
The exact amount you will receive in the Bank of America overdraft settlement will depend on several factors, including the number of overdraft fees you were charged and the total number of eligible claims. As of now, it is difficult to determine the exact amount, as the settlement is still pending final approval. However, it is estimated that eligible customers may receive a percentage of the fees they were charged, potentially ranging from a few dollars to a few hundred dollars.
When will I receive the settlement payment?
Once the settlement receives final approval from the court, eligible customers will be notified about the payment process. It is expected that the payments will be made within a certain timeframe, but the exact dates are yet to be determined. Bank of America will likely provide instructions on how to receive your settlement payment, so make sure to keep an eye on your email or mailbox for further updates.
How do I know if I am eligible for the settlement?
If you had a Bank of America account between January 1, 2001, and May 24, 2011, and were charged overdraft fees, you may be eligible to participate in the settlement. Bank of America will identify customers who are eligible based on their records. If you are eligible, you will receive a notice and instructions on how to submit a claim.
What do I need to do to participate in the settlement?
If you receive a notice from Bank of America regarding the settlement, it will include instructions on how to submit a claim. You will need to follow these instructions carefully and provide any necessary documentation or information. It is crucial to submit your claim within the specified timeframe to ensure you are included in the settlement.
Can I still participate in the settlement if I no longer have a Bank of America account?
Yes, you can still participate in the settlement even if you no longer have a Bank of America account. As long as you had an account during the eligible period and were charged overdraft fees, you may be eligible for compensation.
Are there any fees or costs associated with participating in the settlement?
No, there are no fees or costs associated with participating in the Bank of America overdraft settlement. If you receive a notice and decide to submit a claim, you will not be required to pay any fees or expenses.
What happens if I do not submit a claim?
If you do not submit a claim, you will not receive any compensation from the settlement. It is important to follow the instructions provided by Bank of America and submit your claim within the specified timeframe to be included in the settlement.
Will participating in the settlement affect my relationship with Bank of America?
No, participating in the settlement will not affect your current relationship with Bank of America. Your eligibility for the settlement is separate from your banking activities and accounts. You can continue to bank with Bank of America as usual.
Can I file my own lawsuit against Bank of America for overdraft fees?
If you choose to participate in the Bank of America overdraft settlement, you will give up your right to file your own lawsuit against the bank for overdraft fees during the eligible period. By participating in the settlement, you agree to the terms and conditions outlined in the settlement agreement.
In conclusion, the Bank of America overdraft settlement is a significant development for customers who were charged excessive fees for overdrafts. While the exact amount each customer will receive is yet to be determined, eligible customers can expect to receive a percentage of the fees they were charged. If you believe you are eligible for the settlement, make sure to closely follow the instructions provided by Bank of America to ensure you receive your compensation.