If you held a Bank of America checking, savings, or credit card account in recent years, you may be owed money from the July 2023 Bank of America settlement with federal regulators, and you don’t have to file a claim to get it. The bank was ordered to pay more than $100 million back to harmed customers, on top of $150 million in civil penalties, after the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency found it charged repeat overdraft-style fees, withheld promised credit card rewards, and opened accounts without customer permission.1Consumer Financial Protection Bureau. Bank of America: Junk Fees, Rewards, and Unauthorized Accounts
Who Qualifies for a Refund
Four groups of customers are eligible for money back:2Consumer Financial Protection Bureau. Bank of America, N.A. – Fees3Consumer Financial Protection Bureau. What’s Ahead for Bank of America Customers – Section: Refunds and reimbursements
- Customers charged repeat $35 non-sufficient funds fees on the same transaction between September 2018 and February 2022. The bank would decline a payment, charge the fee, and then charge another fee when the merchant resubmitted the transaction.2Consumer Financial Protection Bureau. Bank of America, N.A. – Fees
- Credit card customers who were promised rewards points or cash bonuses and never received them, often because of how they applied for the card.
- Anyone who had a credit card account opened in their name without authorization at any point since 2012.
- Former customers who closed their accounts but were affected by any of these practices while the accounts were active.
How the Refund Reaches You
The bank is required to identify harmed customers and pay them automatically. If your account is still open, the money goes straight into your checking or savings account. If you’ve since closed your account, a check goes to the last mailing address the bank has on file.3Consumer Financial Protection Bureau. What’s Ahead for Bank of America Customers – Section: Refunds and reimbursements
No claim form. No tax documents, ID, or old statements to send in. Anyone contacting you to collect a fee or personal information in exchange for your settlement money is not part of this process.
If Your Payment Doesn’t Arrive
Two situations call for action on your part. The first is a stale address: if you’ve moved since closing your Bank of America account, the bank needs current contact information to reach you. The second is a missing payment you believe you’re owed. In either case, contact the bank directly, and file a complaint with the CFPB so your situation is on record and reviewed.3Consumer Financial Protection Bureau. What’s Ahead for Bank of America Customers – Section: Refunds and reimbursements