Class action lawsuits have become a common way for consumers to seek justice against large corporations. One such case that has attracted a lot of attention is the “Bruin v. BANA” class settlement. This article aims to explain what this case is about, what the settlement involves, and what it means for the affected consumers.
- What is the Bruin v. BANA Class Settlement?
- Why Did This Case Happen?
- What Does the Settlement Include?
- What Happens Next?
- How to Opt-Out or Object?
- Key Deadlines and Contacts
- Why is the Bruin v. BANA class settlement Important?
- FAQs
- Final words
What is the Bruin v. BANA Class Settlement?
The “Bruin v. Bank of America” case is a class action lawsuit. A class action lawsuit is when a group of people with the same problem sues a company together. In this case, the people suing are Bank of America customers who were charged certain fees for transferring money to their own accounts at other banks. These fees were charged between April 4, 2018, and November 17, 2023.
The lawsuit claimed that these fees were unfair and should not have been charged. Bank of America has agreed to settle the lawsuit, which means they will pay money to the affected customers without admitting they did anything wrong.
Why Did This Case Happen?
Customers who had checking or savings accounts with Bank of America noticed they were being charged fees for transferring money to their own accounts at other banks. These fees, called ACH Transfer Fees, surprised many customers. The lawsuit claimed that these fees were not clearly explained and were unfair. By filing a class action lawsuit, the customers aimed to get back the money they had paid in these fees.
What Does the Settlement Include?
Bank of America has agreed to create a Settlement Fund of $8,000,000. This money will be used to pay back customers who were charged the fees. Here’s what you need to know about your options if you are one of these customers:
Options for Affected Customers
| Option | Action Required | Outcome |
|---|---|---|
| Do Nothing | No action required. | You will receive a payment from the Settlement Fund, but give up the right to sue separately. |
| Opt-Out | Send a letter to the Settlement Administrator by March 18, 2024. | You will not receive a payment, but keep the right to sue Bank of America on your own. |
| Object | File a notice with the court and send copies to the Settlement Administrator and lawyers by March 18, 2024. | You can object to the settlement terms while still remaining part of the settlement. |
What Happens Next?
The court has agreed to the Bruin v. BANA class settlement, and payments will start being sent out on June 14, 2024. If no one objects, everyone should get their payments within 30 to 60 days after that. If you still have a Bank of America account, the money will be added to your account. If you don’t have an account anymore, you will get a check.
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How to Opt-Out or Object?
If you want to opt-out of the settlement, you need to send a letter to the Settlement Administrator by March 18, 2024. Your letter should state that you want to opt-out of the “Bruin v. Bank of America” class settlement and include your name, address, and signature.
If you want to object, you need to file a notice with the court and send copies to the Settlement Administrator and the lawyers involved. Your notice should explain why you think the settlement is unfair and provide your personal information and evidence that you are a member of the settlement class.
Key Deadlines and Contacts
| Action | Deadline | Contact Information |
|---|---|---|
| Opt-Out | March 18, 2024 | Bruin v. Bank of America Settlement, Opt-Out Requests: Bank of America ACH Fee Class Action, P.O. Box 5324, New York, NY 10150-5324 |
| Object | March 18, 2024 | File notice with the Court and send to Settlement Administrator and Lawyers |
| Payment Distribution | Starts June 14, 2024 | Automatically distributed to eligible customers |
Why is the Bruin v. BANA class settlement Important?
Bruin v. BANA Class settlement is important because it shows how consumers can stand up against big corporations. By coming together in a class action lawsuit, Bank of America customers were able to challenge fees they felt were unfair and win back some of their money. It also sends a message to other companies about the importance of clear and fair fee practices.
FAQs
Q: 1. What do I need to do to receive a payment?
A: If you were charged the fees and did not get a refund, you will automatically get a payment from the Settlement Fund. You don’t need to do anything unless you want to opt-out or object to the settlement.
Q: 2. What if I disagree with the settlement?
A: You can object to the Bruin v. BANA class settlement by filing a notice with the court and sending copies to the Settlement Administrator and the lawyers involved. The deadline to file an objection is March 18, 2024.
Q: 3. When will payments be made?
A: Payments will start being distributed on June 14, 2024, and should be completed within 30 to 60 days after the settlement’s effective date.
Q: 4. How will I receive my payment?
A: Current Bank of America account holders will get a credit to their accounts. Former account holders will receive a check.
Q: 5. Who can I contact for more information?
A: For more information, you can contact the Settlement Administrator at Bruin v. Bank of America Settlement, P.O. Box 5324, New York, NY 10150-5324, or call (833) 933-5580.
Final words
In summary, the “Bruin v. Bank of America class settlement” is a significant case for consumers who were unfairly charged fees by Bank of America. If you were affected, you have options to receive a payment, opt-out, or object to the settlement. Make sure to take action before the deadlines if you want to opt-out or object. This case highlights the power of consumers working together to seek justice.