Bank of America is preparing to hand $14 million to customers in a settlement over alleged hidden fees.
The settlement will resolve allegations that the banking giant intentionally charged hidden fees on incoming wire transfers for both checking and savings account holders.
Specifically, the bank is accused of purposefully levying and hiding $15 fees on incoming wire transactions without consent.
The lawsuit applies to people hit with the fees between March 8th, 2019, and August 31st, 2023, with both current and former customers eligible to benefit from the settlement.
Customers do not have to file a claim to receive the cash.
People who still have accounts at Bank of America and were charged at least one wire transfer in that period will see a credit posted on their account. Former customers will get a check in the mail.
The total settlement amounts to $21 million, with $7 million going toward legal fees.
A settlement is expected to receive a final approval at a hearing on October 21st.
Customers have until September 21st to exclude themselves from the settlement and retain the right to file a separate lawsuit on the issue.
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