Introduction to the Settlement
Let’s cut to the chase—if you had a Bank of America checking or savings account and got hit with certain wire transfer fees between March 8, 2019, and August 31, 2023, you might be getting money back. Yep, that’s what the aseltine v bana class settlement action lawsuit is all about.
You didn’t have to sue anyone. You didn’t even have to know this lawsuit existed. If you qualify, you’re in line for a payout—no strings attached.
What Is the Aseltine v BANA Lawsuit About?
In short, customers were allegedly charged incoming wire transfer fees that should not have been charged or properly disclosed. These fees added up, and someone (Aaron Aseltine) took action by filing a lawsuit on behalf of everyone affected.
Why This Settlement Matters
Bank fees might seem small, but when multiplied across millions of accounts, they become massive. This case is a win for consumers standing up to sneaky charges.
Background on the Case
Who Filed the Lawsuit and Why?
Aaron Aseltine v bana class settlement, a Bank of America customer, stepped up and filed the class action. He believed BofA’s wire fee policies were unfair and harmful.
Key Allegations Against Bank of America
The lawsuit claimed that Bank of America:
- Charged unauthorized incoming wire fees
- Failed to disclose or explain those fees clearly
- Kept those charges without properly compensating customers
Who Is Eligible for the Settlement?
Consumer Accounts That Qualify
If you held a personal checking or savings account—not business accounts—with Bank of America during the period in question, you’re likely in the eligible group.
Date Range for Eligible Wire Fees
You must have been charged certain incoming wire transfer fees between March 8, 2019, and August 31, 2023. Aseltine v bana class settlement the key window.
Types of Fees Covered
Incoming Wire Transfer Fees
This lawsuit only applies to fees charged for incoming wire transfers—not outgoing wires, overdrafts, or ATM fees.
Non-Refunded Charges
If you complained and were refunded these fees, you may not qualify. But if you were charged and didn’t get your money back, you’re likely eligible.
Timeline of the Settlement
March 8, 2019 – August 31, 2023
That’s the period when affected fees must have been charged.
Important Deadlines You Should Know
- Opt-Out Deadline: November 9, 2024
- Objection Deadline: November 9, 2024
- Final Approval Hearing: TBD (check the official site for the updated date)
Legal Options for Class Members
Do Nothing and Get Paid
If you qualify and do nothing, you’ll automatically receive your payment. Pretty sweet, right?
Exclude Yourself and Retain Rights
Want to sue BofA on your own? You can opt out. But you won’t get any money from this settlement.
Objecting to the Settlement
If you think something’s unfair, you can formally object by filing paperwork with the court.
How Much Can You Receive?
Estimated Payouts
The final amount depends on how many people file and how much was charged. But even small refunds can add up, especially if you were hit multiple times.
Factors Affecting the Amount
- Number of wire transfers
- Total fees paid
- Whether you were partially refunded already
How to File a Claim
Automatic Payouts for Most Members
If Bank of America’s records show you were affected, you don’t have to file a claim. The money will be sent automatically after the court gives final approval.
Filing Manually If Needed
If you think you qualify but weren’t notified, you might need to file manually through the official website or by mail
Details of the Final Approval Hearing
Date and Location
The hearing was rescheduled—check the website for the latest date. It’ll be held in the District Court for the Western District of North Carolina.
Why This Hearing Matters
This is when the judge gives the final green light. If approved, payments start flowing shortly after.
Legal Representation
Who Represents the Class?
Class members are represented by experienced attorneys who specialize in consumer rights. No need to hire your own unless you opt out.
Attorneys’ Fees and Costs Explained
Lawyers will request fees from the settlement fund, not from your payment directly. The court must approve all attorney compensation.
What Happens After the Hearing?
Final Approval and Disbursement
If the court approves the deal, payments will be processed and sent.
Receiving Your Settlement Payment
If you’re in the system, expect a check or direct deposit without lifting a finger.
Settlement Administration
Role of Kroll Settlement Administration
Kroll is the official settlement administrator, handling everything from notices to payouts.
FAQs for Class Members
Common Questions and Clear Answers
- Didn’t know you were charged? You might still qualify.
- Lost your account info? No problem—Kroll has the records.
- Want to opt out? Just follow the instructions on the official site.
Avoiding Scams
How to Identify Official Notices
Look for mail or emails from Kroll Settlement Administration—not random third-party law firms.
Protecting Your Personal Info
Never share your Social Security number or bank login details. You’ll never be asked for them.
Conclusion
If Bank of America charged you incoming wire fees over the past few years, now’s your chance to get some of that money back. You don’t need to file paperwork or hire a lawyer—just stay in the loop and watch for your payment.
Justice, finally, may be served… one transaction fee at a time.
FAQs
What if I closed my Bank of America account?
You’re still eligible if you had an account during the covered dates and paid the fees.
Can I still participate if I moved out of the country?
Yes, as long as you had a qualifying account during the claim period.
How will I receive my settlement payment?
Most payments will be mailed as checks or issued as electronic transfers.
Do I need to hire an attorney to get my payment?
Nope! Legal representation is already included in the class action.
What if I didn’t get a notice but think I qualify?
Visit the official website to contact the administrator and verify eligibility.
