In May 2025, Bank of America is once again making headlines, this time due to a major class action settlement. Customers who were charged improper fees or faced issues with account handling may now be eligible for financial compensation.
Here’s a simple guide to everything you need to know about the Bank of America class action settlement, including eligibility, the claims process, and expected payment timelines.
What It Is
The Bank of America class action settlement comes after allegations that the bank charged unfair fees and mishandled some accounts. Without admitting any wrongdoing, Bank of America agreed to settle the claims to avoid the long, costly process of further litigation.
The settlement’s purpose is to financially compensate those who were affected by certain practices between 2015 and 2022.
Allegations
The lawsuit centered around several major complaints:
- Charging overdraft fees even when accounts had enough money
- Freezing accounts improperly due to third-party garnishments
- Charging multiple fees for a single transaction
- Lack of clear explanations about fee structures and account rules
Although the bank denies any liability, the settlement provides compensation to impacted customers.
Who Is Eligible
You might be eligible if:
- You had a checking or savings account with Bank of America between 2015 and 2022
- You were charged fees identified in the lawsuit
- Your account activity matches the criteria listed in the settlement agreement
A Settlement Administrator has been assigned to manage eligibility reviews and communications with class members.
How to File a Claim
The process is straightforward:
- Visit the official settlement website
- Enter your Class Member ID (found on the notice you received)
- Complete the claim form online
- Submit any requested supporting documents
Important: You must file your claim by July 12, 2025. Claims submitted after this date might not be accepted.
Timeline
Here’s a rough timeline for when you can expect your money:
| Phase | Date |
|---|---|
| Final Approval Hearing | June 18, 2025 |
| Claims Deadline | July 12, 2025 |
| Payment Distribution Begins | August–September 2025 (expected) |
Payments can be received through direct deposit, PayPal, or a mailed check, depending on the option you select during the claim process.
Amount
The exact amount you could get depends on:
- The number of valid claims filed
- The type and number of fees you were charged
Some participants might receive $20, while others could receive several hundred dollars, depending on their individual banking history.
Tips
- Keep your contact information updated with the Settlement Administrator
- Check your email inbox and spam folder for updates
- Follow all instructions closely when completing your claim form
Being careful with the process helps avoid delays in getting your payment.
How to Contact
If you have any questions or believe you’re eligible but did not receive a notice, reach out to:
- Website: Official Settlement Portal
- Phone: 1-888-555-2025
- Email: [email protected]
The Settlement Administrator can help verify your eligibility and assist with the claim process.
The 2025 Bank of America class action settlement offers affected customers a chance to recover money from fees they should not have been charged.
If you believe you qualify, it’s important to act fast and submit your claim before the July deadline. Paying attention to instructions and staying informed can help ensure you get the compensation you deserve.
FAQs
What is the Bank of America 2025 settlement about?
It compensates customers for improper fees and account handling issues.
Who is eligible for the settlement?
Those with BofA accounts from 2015 to 2022 who were charged specific fees.
How do I file a claim for the settlement?
Visit the settlement website, use your Class Member ID, and complete the form.
When will payments be distributed?
Payments are expected to begin between August and September 2025.
How much can I receive from the settlement?
Amounts vary; it could range from $20 to several hundred dollars.
