Want to know about the Aseltine v Bana class settlement 1-833-522-3647? I got you. Bank of America has agreed to pay $21 million to settle a class action lawsuit alleging that it charged hidden fees on incoming wire transfers. If you’re an eligible consumer, you might be entitled to a refund. This comprehensive guide explains every facet of the settlement—from the case’s background to your options as a class member. Keep an eye out for the official reference aseltine v Bana class settlement 1-833-522-3647 in your notices.
$21M Settlement for Hidden Bank Wire Transfer Fees
| Name | Role | Firm/Organization | Experience |
|---|---|---|---|
| Aaron Aseltine | Class Representative | N/A | Initiated the class action lawsuit |
| Jeff Ostrow | Class Counsel | Kopelowitz Ostrow P.A. | Over 26 years in consumer class actions |
| Jonathan Streisfeld | Class Counsel | Kopelowitz Ostrow P.A. | Extensive litigation expertise |
| Sophia Gold | Class Counsel | KalielGold PLLC | Advocate with years of class action success |
| David Wilkerson | Class Counsel | The Van Winkle Law Firm | Nearly 25 years in complex litigation |
Case Background and Overview
The lawsuit, known as Aaron Aseltine v. Bank of America, N.A., challenges the bank’s practice of charging a hidden $15 fee on incoming wire transfers. The charges occurred between March 8, 2019, and August 31, 2023, impacting countless consumers. Bank of America denies any wrongdoing but opted to settle to avoid the uncertainties and costs of extended litigation.
Alleged Misconduct
Bank of America charged an undisclosed fee on incoming wire transfers.
- Timeline: March 8, 2019 – August 31, 2023.
Class Membership
Consumers holding Bank of America checking and/or savings accounts opened on or before August 31, 2012.
The official documents and notices will reference aseltine v bana class settlement 1-833-522-3647 when discussing this case.
Settlement Details
The settlement agreement outlines the distribution of funds and critical administrative steps. Here are the essential details:
- Total Settlement Fund: $21,000,000
- Attorneys’ Fees and Costs: Up to $7,000,000 (approximately 33.33% of the fund)
- Service Award: Up to $5,000 for the class representative
- Administration Costs: Determined by the Court
- Net Settlement Fund: The remaining funds will be distributed pro rata among eligible class members
Settlement Fund Breakdown
| Component | Amount/Percentage |
|---|---|
| Total Settlement Fund | $21,000,000 |
| Attorneys’ Fees and Costs | Up to $7,000,000 (33.33%) |
| Service Award | Up to $5,000 |
| Administration Costs | Determined by the Court |
| Net Settlement Fund | Remaining amount |
The settlement ensures that current account holders receive a direct credit while former account holders will get a mailed check. All processes are managed by Kroll Settlement Administration LLC.
Eligibility Criteria for Class Membership
To qualify as a class member, you must meet the following criteria:
Account Type
You must have a consumer checking or savings account with Bank of America.
Account Opening Date
Your account must have been opened on or before August 31, 2012.
Fee Payment
You must have been charged (and not refunded) an incoming wire transfer fee during the class period.
Bank of America’s records determine class membership. Receiving an official notice confirms your inclusion in the settlement. This is central to aseltine v bana class settlement 1-833-522-3647.
Eligibility Criteria Table
| Criterion | Requirement |
|---|---|
| Account Type | Checking/Savings account with Bank of America |
| Account Opening Date | On or before August 31, 2012 |
| Fee Assessment Period | March 8, 2019 – August 31, 2023 |
| Refund Status | Fee charged and not refunded |
Options for Settlement Class Members
If you receive a settlement notice, you have three options:
Do Nothing
Remain in the class and automatically receive your payment. By doing so, you release any future claims against Bank of America regarding these fees.
Opt-Out
Exclude yourself from the settlement. Retain the right to pursue your own legal claim separately; however, you will forgo any settlement payment.
Object
File a formal objection if you believe the settlement terms are unfair. Even if your objection is overruled, you will still receive a payment.
Each option has significant legal implications. Carefully consider your personal situation before deciding. Official notices for aseltine v bana class settlement 1-833-522-3647 will provide further instructions.
How to Participate and Claim Your Award
Eligible class members benefit from an automatic distribution process:
Current Accountholders
Receive a direct credit to their Bank of America accounts.
Past Accountholders
Receive a check by mail from the Settlement Administrator.
For any inquiries, contact the settlement administrator using the following details:
- Phone: 1-833-522-3647
- Mailing Address:
c/o Kroll Settlement Administration LLC
PO Box 225391
New York, NY 10150-5391
Always check the official settlement website for updates and complete documentation.
Important Dates and Deadlines
Mark these dates to ensure you do not miss any critical deadlines:
- Opt-Out Deadline: November 9, 2024, to opt-out, ensure your request is postmarked by this date.
- Objection Deadline: November 9, 2024, file any objections to the settlement by this deadline.
- Final Approval Hearing: On December 9, 2024, the Court will hold a hearing to approve the settlement.
- Payment Timeline: Expected to be 45–60 days after the settlement becomes effective, barring any objections.
Dates and Deadlines Table
| Event | Date | Details |
|---|---|---|
| Opt-Out Deadline | November 9, 2024 | Requests must be postmarked by this date |
| Objection Deadline | November 9, 2024 | File objections by this date |
| Final Approval Hearing | December 9, 2024 | Court decision on the settlement |
| Payment Distribution | 45–60 days post-effective | Payments via account credit or check |
Settlement Impact and Significance
The settlement provides significant relief to consumers who were unknowingly charged hidden wire transfer fees. It is a major win for class action lawsuits in the banking sector, ensuring transparency and accountability.
Consumer Protection
This settlement helps restore financial losses for affected account holders.
Legal Precedent
Even though Bank of America denies any wrongdoing, settling this case prevents further litigation and sets an important benchmark.
Monetary Relief
The amount each consumer receives varies based on the fees paid; however, many will benefit from a fair refund process.
These factors are crucial in understanding the significance of aseltine v bana class settlement 1-833-522-3647 and how it might affect you.
Frequently Asked Questions
What fees are under dispute?
The lawsuit alleges a hidden $15 fee on incoming wire transfers was charged without proper disclosure.
Who qualifies as a class member?
Consumers with Bank of America checking and/or savings accounts opened on or before August 31, 2012, who paid the fee between March 8, 2019, and August 31, 2023.
What happens if I opt-out?
You retain the right to pursue your own legal claim but will not receive any settlement payment.
Is proof required?
No additional proof is needed; the settlement administrator relies on Bank of America’s records.
When will I be paid?
Payments are expected within 45–60 days after the settlement’s effective date, assuming no objections.
How do I file an objection?
Objections must be submitted in writing by November 9, 2024, explaining why you believe the settlement is unfair.
Conclusion
This class action settlement, referenced as Aseltine v Bana class settlement 1-833-522-3647, allows eligible consumers to recover hidden fees charged on wire transfers. By settling for $21 million, Bank of America aims to avoid prolonged litigation while addressing claims of deceptive fee practices.
Remember, the official reference Aseltine v Bana class settlement 1-833-522-3647 is a critical term that will appear in all related communications. Ensure you act within the deadlines to safeguard your rights and claim any compensation you may be entitled to.
References
- Official Settlement Website: banawiretransferfeesettlement.com
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