Bank of America Announces New Payment for Customers – Direct Deposit From This Settlement

Bank of America has announced new payments for its customers from their settlement amount, which can help them with their expenses. This payment can benefit existing and old customers who keep checking their savings accounts and pay charges for regular transactions. Customers who meet the eligibility criteria set by the department will receive the payment directly in their bank accounts.

Bank of America Announces New Payment for Customers

North California accuses the Bank of America with the reason of charging unnecessary and unfair Automated Clearing House (ACH) fees. After a long war of words, the settlement reached a mutual agreement in 2024.

Organization	Bank of America (BofA)
Program	ACH Fee Settlement Payment
Country	United States
Total Amount	$21 million
Opt-Out Deadline	September, 2024
Approval Date	October 21, 2024, at 9:15 am ET
Category	Government Aid
Official Website	https://www.bankofamerica.com/

The Bank of America agreed to stop charging this ACH fee to save customers $21 million, which is expected to help citizens. Now, BofA announces new payments for customers from this settlement amount.

Bank of America Settlement

The settlement between two parties or two companies creates a mutual ground in which some terms and conditions of both parties or companies have been accepted by each other. Usually, it involves monetary compensation for the class members, who, in return, waive their right to process the legal action further.

Settlements often involve companies’ continuous denial of any wrong actions. They are seen as a slap on the wrist rather than keeping companies in massive compensation amounts for their doings. Some common reasons for class actions are pollution, discrimination, fraud, and fake advertising.

Eligibility for BofA New Payments

American citizens who have bank accounts in BofA and want to receive these benefits should be eligible. The Department of Bank has designed the eligibility criteria to ensure that only suffered and eligible citizens receive the benefits of this settlement amount.

• All residents applying for them should live in the United States of America.
• They also need to have permanent legal citizenship in America and are presently living there.
• Customers should have bank accounts in BofA between March 8, 2019, and August 31, 2023.
• Customers must be charged the specific wire transfer fees on incoming payments, which tech.
• It also means that customers who have received an incoming payment have paid $15 as a fee for transactions.
• Customers who have purposefully obscured these transactions by bank without their consent will get these benefits.
• Customers should have original documents like fee receipts and other details for verification purposes to claim benefits.

How to Receive Bank of America New Payment

To receive the Bank of America announces New Payment for Customers, citizens need to know some points, which are mentioned below:

• Firstly, visit the official website, www.bankofamerica.com
• Now, customers should choose to opt-out or object to the settlement by September 21, 2024.
• They need to wait for the final approval from the Bank, which is scheduled on October 21, 2024, at 9.15 am ET.
• Once approved, eligible and authorised customers will receive the payment in their bank accounts after this date.
• The current customers will receive the payment as bank credit, and former customers of the bank will receive benefits such as paper checks in their mail addresses.

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