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Bank of America account holders who submitted a claim for an unauthorized debit card or ATM transaction that the company denied between May 6, 2023, and July 14, 2026, may be eligible to claim a cash payment from a class action settlement.
Bank of America agreed to pay $2,000,000 to settle a class action lawsuit alleging violations of the Electronic Fund Transfer Act. The lawsuit claims Bank of America improperly denied accountholders’ claims of unauthorized electronic fund transfers related to debit card or ATM transactions, failed to provide adequate explanations for those denials and did not provide requested documentation used in making denial decisions.
Who can file a claim?
Eligible class members must meet all of the following criteria:
- They had an account with Bank of America.
- They submitted a dispute or claim to Bank of America regarding an unauthorized electronic fund transfer related to a debit card or ATM transaction.
- Bank of America denied their claim between May 6, 2023, and July 14, 2026.
How much can class members get?
The total settlement fund is $2,000,000. Eligible class members will receive an equal, or pro rata, share of the settlement fund after deductions for attorneys’ fees, administrative costs and a service award to the class representative. The exact amount each class member receives depends on the total number of valid claims submitted.
For accounts with multiple account holders, if one account holder opts out of the settlement, the settlement administrator will consider all account holders on that account to have opted out, and they will not be eligible for a payment or credit under the settlement.
How to claim a settlement payment
To receive a payment, class members must submit an online claim form or print and complete the PDF claim form and mail it to the settlement administrator.
Settlement administrator’s mailing address: EFTA Banking Settlement Administrator, 1650 Arch St., Suite 2210, Philadelphia, PA 19103
The deadline to submit a claim is Dec. 11, 2026.
Required information
- All claimants must provide the unique ID from the settlement notice they received. Online claimants must also provide the confirmation code from the same notice.
- Claimants must attest they submitted a claim to Bank of America for an unauthorized debit card or ATM transaction that the company denied between May 6, 2023, and July 14, 2026.
Payout options
- Zelle
- PayPal
- Venmo
- Physical check mailed to the address provided
$2 million settlement fund breakdown
The $2,000,000 settlement includes:
- Settlement administration costs: Amount not specified
- Attorneys’ fees: Up to $666,666.67
- Attorneys’ expenses: Amount not specified
- Service award to class representative: Up to $5,000
- Payments to eligible class members: Remainder of the fund
Important dates
- Deadline to file a claim: Dec. 11, 2026
- Deadline to opt out: Nov. 30, 2026
- Final approval hearing: Jan. 4, 2027
When is the Bank of America payout date?
The settlement administrator will distribute payments to eligible class members after the court resolves any appeals and grants final approval of the settlement.
Why did this class action settlement happen?
This settlement resolves claims alleging Bank of America violated the Electronic Fund Transfer Act by improperly denying claims of unauthorized electronic fund transfers related to debit card or ATM transactions, failing to provide sufficient explanation for claim denials and not providing, upon request, the documents relied upon in making claim determinations.
Bank of America denied any wrongdoing but agreed to the settlement to avoid the uncertainties and expenses of further litigation.
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