Bank of America, the nation’s second-largest bank, is in the hot seat, accused of double-dipping on fees imposed on customers with insufficient funds in their account, withholding reward bonuses explicitly promised to credit card customers, and misappropriating sensitive personal information to open accounts without customer knowledge or authorization.
Last week, the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to pay more than $100 million to customers for the illegal actions.
Now, we are getting more information about when the bank’s 68 million customers can expect to see any of that money.
In a recently published article, the CFPB gives more details to help consumers understand whether they may have been harmed, what refunds and reimbursements to expect, and what else to watch for.
If you are or were a Bank of America customer going back to 2012, you are likely owed some amount of money. How much is not clear, but it will be at least a portion of any overdraft or NSF fees you paid that Bank of America shouldn’t have charged you.
What happens next?
If you’re owed money in the payout, the CFPB will contact you, likely by mail, with information about the payment and how to receive it. Your options will be direct deposit or a check that will be mailed to you. Don’t get so excited that you fall for a scam. Watch out for impostors and thieves pretending to be bank employees or CFPB representatives.
Bank of America has to pay the federal government the $100 before the CFPB can pay you from the CPFB Civil Penalty Fund. Consumers will likely see the money in May 2024.
Speak with someone at Bank of America
Bank of America is setting up a dedicated customer service center to handle questions from people who have been overcharged for NSF fees. Have your account information on hand, along with details about how you were affected, and then call toll-free 1-855-729-1764 to reach customer service and discuss your personal situation. You can reach them by e-mail at NSFinquiry@bofa.com or by mail at P.O. Box 25118, Tampa, FL 33622-5118.