Aseltine v BANA Class Settlement is going to provide a maximum portion of $21 million to all Account Holders in the United States who opened a BANA consumer checking or savings Accounts on or prior to August 31, 2012 and those who paid but were not refunded an Incoming Wire Transfer Fee during the Class Period.
The exclusion and objection deadline of this settlement is November 9, 2024. Whereas the settlement already received the final approval order from the court on Monday, December 9, 2024. Current account holders of BANA will receive a settlement benefit amount into their BANA Accounts soon. Past account holders of BANA will be able to get a physical check from the Settlement Administrator.
Aseltine v BANA Class Settlement
In this class action lawsuit, it is alleged that Bank of America violated its account agreements and charged an unrevealed $15 fee on incoming wire transfers. The lawsuit also alleged that the bank intentionally hides these fees to get profit from unknowing account holders without receiving any permission or legal notice.
In the United States, Bank of America is a nationwide financial institution and lender.
Bank of America denies all the allegations and wrongdoing but agreed to pay a maximum of $21 million to get rid from the bank fee class action lawsuit allegations.
Individuals who paid wire transfer fees can get a settlement benefit amount after satisfying the qualifying requirements of this settlement. There is no need to submit any claim or application to receive benefit from the Bank of America settlement. It is also very important to know that class participants who do not exclude themselves will automatically get their settlement amount.
Who is eligible for Aseltine v Bana Class Settlement?
To qualify for the Aseltine v Bana Class Settlement, individuals need to satisfy the following listed eligibility requirements.
- Interested individuals need to have a permanent residency in the United States.
- Candidates need to have or previously had a consumer checking or savings account with Bank of America.
- Applicants need to pay a specific wire transfer fee on incoming payments into your account within a specific time limit.
- The wire transfer fees on incoming payments must be charged between 08 March 2019 to 31 August 2023.
How much you can get from Aseltine v Bana Class Settlement?
BANA has agreed to pay a maximum of $21,000,000 as a Settlement Fund. The total settlement will be used to cover the Attorneys’ Fees and Costs, a Service Award of the Class Representative, notice & all Settlement Administration Costs, settlement benefit amount to the class members.
Payment amounts can vary for every qualifying individual. The exact payout amount is not disclosed by officials yet but
It is expected that class members can get an equal share of the settlement fund based on the payment that they were paid as a wire transfer fee.
It is very important to know that if there will be a settlement fund even after the distribution process of the settlement payout amount then the remaining amount will be distributed equally among all the qualifying individuals.
When will you receive the Aseltine v Bana Class Settlement payment?
The Aseltine v Bana Class Settlement already received a final approval from the court on 09 December 2024. But the exact payout date of this settlement is not disclosed by officials yet but according to the official after the approval of this Settlement, the Settlement Class Member Payments will be delivered within approximately 45 to 60 days after the Settlement’s Effective Date.
Whereas the Effective Date means the next working day after the legal entry of the Final Approval Order and Final Judgement & Order of Dismissal. Individuals need to check their account to ensure that the settlement amount is delivered to you or not.
How can you receive Aseltine v Bana Class Settlement benefit amount?
According to the terms of Aseltine v Bana Class Settlement, Current account holders can get their share from the total settlement fund directly into their Bank of America accounts. Whereas qualifying individuals who have not an active Bank of America account can get their settlement benefit amount through a physical check by mail.
Direct Deposit is the fastest way to get your settlement payout amount whereas physical cheques can take a longer time to deliver. So if you will not get your settlement payout amount on time then it is suggested to you please wait for at least three to five working days before contacting the officials.