Bank Of America Wire Transfer Fee Settlement: Are You Eligible?

06 May, 2025

Are you potentially owed a share of $21 million due to hidden fees charged by Bank of America? A recent class action settlement could put money back in the pockets of customers who were unfairly charged for incoming wire transfers.

In a significant development for Bank of America customers, the financial institution has agreed to a $21 million settlement to resolve a class action lawsuit. The lawsuit, titled Aseltine v. Bank of America, N.A., centers around allegations that the bank improperly assessed fees on incoming wire transfers into consumer checking and savings accounts. This settlement aims to provide restitution to those customers who were impacted by these charges.

The class action settlement is poised to offer a maximum payout of $21 million to eligible account holders across the United States. This includes individuals who held a Bank of America consumer checking or savings account on or before August 31, 2012, and who incurred and were not refunded incoming wire transfer fees during the defined class period. The individual who initiated the lawsuit, acting as the "class representative" or "plaintiff," is Aaron Aseltine. Bank of America, N.A. (BANA) is the defendant in this case. The settlement is the result of claims that Bank of America violated its account agreements by charging a $15 fee for incoming wire transfers, without proper consent or notice. The core issue stems from allegations that Bank of America intentionally obscured these fees, allowing them to profit from unsuspecting customers.

The lawsuit, filed in federal court in North Carolina, accused Bank of America of imposing these hidden charges on customers. The settlement covers customers who were charged a $15 fee for incoming wire transactions without consent between 2019 and 2023. Specifically, the lawsuit alleged that the bank charged undisclosed $15.00 fees on incoming wire transfers to personal accounts, violating its account agreements and misleading customers.

This case, a "class action," means that the class representative, Aaron Aseltine, is acting on behalf of the entire settlement class. According to the settlement website, current Bank of America accountholders will automatically receive a credit to their accounts, while former accountholders will receive payment by check. The settlement benefits individuals who had a consumer checking and/or savings account with Bank of America and paid certain ACH transfer fees for push transfers to their own external account between April 4, 2018, and November 30, 2023.

The settlement agreement provides a framework for distributing the $21 million to eligible customers. Customers will receive payment directly from the settlement fund. The final approval hearing is set for October 21, 2024, to determine the fairness of the settlement. Customers have the option to opt out or object to the settlement by September 21, 2024.

The Bank of America Wire Transfer Fee Class Action Settlement: Key Details

The core of the matter revolves around the claim that Bank of America charged undisclosed fees, described by the plaintiff's lawyers as "junk fees," on incoming wire transfers for personal accounts. These fees, reportedly $15 per transfer, reportedly caught customers off guard and led to unexpected deductions from their accounts. The lawsuit alleged that these fees were not adequately disclosed and therefore violated account agreements.

To qualify for a payout, a customer must meet specific criteria. Firstly, they must be a current or former Bank of America customer. According to the settlement website, current accountholders will receive an automatic credit to their accounts, and former accountholders will receive payment via check.

The settlement process includes a final approval hearing scheduled for October 21, 2024. If the settlement receives final approval and there are no successful appeals, the distribution of funds to eligible class members will commence.

Customers who believe they were affected are encouraged to determine their eligibility and learn how to claim their share of the $21 million payout. The class action lawsuit, filed under the name "Aseltine v. Bank of America NA," (case no. is not specified in the provided text) accused the financial institution of imposing hidden charges on customers without proper notification.

The case, a "class action," means that the class representative is acting on behalf of the settlement class. The lawsuit, filed in federal court in North Carolina, accused the financial institution of imposing hidden charges on customers without proper notification.

The Bank of America Wire Transfer Fee Class Action Settlement, (BANA) class action settlement is a legal case involving allegations against Bank of America regarding its practices related to mortgage loans. Below is a general overview of the case and settlement:

The lawsuit, filed in federal court in North Carolina, accused the financial institution of imposing hidden charges on customers without proper notification. The lawsuit, filed by California resident Aaron Aseltine, alleged the bank failed to adequately disclose these charges, misleading account holders and potentially violating consumer protection laws.

The lawsuit, filed in federal court in North Carolina, accused the financial institution of imposing hidden charges on customers without proper notification.

Here's a breakdown of the settlement's key aspects:

The Allegation: Bank of America allegedly charged hidden fees on incoming wire transfers.
The Amount: A $21 million settlement has been agreed upon.
The Affected: Customers with consumer checking and/or savings accounts who were charged fees without consent.
The Goal: To provide compensation to impacted customers.

This settlement provides an opportunity for affected Bank of America customers to potentially recoup some of the fees they were charged. It highlights the importance of understanding all fees associated with financial transactions and the significance of class action lawsuits in holding financial institutions accountable.

The lawsuit, filed by California resident Aaron Aseltine, alleged the bank failed to adequately disclose these charges, misleading account holders and potentially violating consumer protection laws.

To receive their portion of the settlement, bank of america customers need to meet three qualifications credit:

Be a current or former Bank of America customer.
Have had a consumer checking and/or savings account with Bank of America.
Have been charged a fee for an incoming wire transfer without proper consent between 2019 and 2023.

The settlement's final approval hearing will be scheduled for october 21, 2024.

Bank of america has reached a settlement agreement to resolve a class action lawsuit that accused them of hitting customers with surprise fees on incoming wire transfers.

The case is a class action. that means the class representative is acting on behalf of the settlement class. The lawsuit, filed in federal court in North Carolina, accused the financial institution of imposing hidden charges on customers without proper notification.

To receive their portion of the settlement, bank of america customers need to meet three qualifications.

Bank of america has agreed to pay $21,000,000 to settle a class action lawsuit for alleged improper assessment of wire transfer fees on incoming payments into consumer checking and/or savings accounts.

The lawsuit, filed in federal court in North Carolina, accused the financial institution of imposing hidden charges on customers without proper notification.

Here are the key components:

The Lawsuit: The lawsuit was brought by Aaron Aseltine against Bank of America.
The Allegation: Bank of America allegedly charged customers hidden fees for incoming wire transfers.
The Settlement: Bank of America agreed to pay $21 million to resolve the lawsuit.
The Affected Customers: Customers with consumer checking and/or savings accounts who were charged fees.

This settlement is for customers who were charged a $15 fee for incoming wire transactions without consent between 2019 and 2023. The core issue stems from allegations that Bank of America intentionally obscured these fees, allowing them to profit from unsuspecting customers.

Feature	Details
Name of Plaintiff	Aaron Aseltine
Defendant	Bank of America, N.A.
Case Name	Aseltine v. Bank of America, N.A.
Allegations	Improper assessment of wire transfer fees on incoming payments.
Settlement Amount	$21,000,000
Class Period	2019-2023
Eligibility	Current or former Bank of America customers with consumer checking and/or savings accounts who were charged fees for incoming wire transfers without proper consent.
Final Approval Hearing Date	October 21, 2024
Opt-Out/Objection Deadline	September 21, 2024
Link for Reference	Bank of America Official Website

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