If you’ve ever received a wire transfer in your Bank of America (BANA) account and noticed a surprise $15 fee, you’re not alone. Thousands of customers were unknowingly charged these hidden transaction fees, leading to a major class action lawsuit—the Aseltine v. BANA case.
Now, after a legal battle spanning years, Bank of America has agreed to a $21 million settlement to compensate those affected. But what does this mean for you? Are you eligible for a payout? How much will you get? And what should you do next?
In this article, we’ll break it all down in simple terms, so you understand how this settlement affects you.
Table of Contents
What is the Aseltine v. BANA Class Settlement?
The Aseltine v. Bank of America class action lawsuit was filed against BANA for allegedly imposing wire transfer fees without proper disclosure. According to the lawsuit, Bank of America charged incoming wire transfer fees of $15 per transaction, even though these fees weren’t clearly outlined in the bank’s terms and conditions.
Customers who received domestic and international wire transfers were surprised to find these deductions in their accounts. Many argued that they were never notified about these charges, making them unauthorized banking fees.
After several legal proceedings, Bank of America has denied any wrongdoing but has agreed to settle the case for $21 million rather than continuing litigation. This means that if you were affected, you could be eligible for compensation.
Who Qualifies for the Settlement?
Not every Bank of America customer will receive compensation. To be eligible, you must meet these specific criteria:
✔️ You had a checking or savings account with Bank of America on or before August 31, 2012.
✔️ You were charged a $15 incoming wire transfer fee between March 8, 2019, and August 31, 2023.
✔️ You did not receive a refund for the fee from Bank of America.
If you meet all three conditions, you don’t need to do anything—you are automatically included in the settlement, and your payout will be processed once approved.
How Much Money Will You Get?
The $21 million settlement fund will be distributed among all eligible class members, but how much each person receives will depend on:
💰 The number of times you were charged the fee → If you had multiple wire transfers, you may get more.
⚖️ Legal fees and administrative costs → The court will deduct attorney fees and case expenses.
🎖️ A service award for the plaintiff → The lead plaintiff who filed the case may receive a bonus for their role.
Payment Estimates
It’s difficult to predict the exact payout per person, but based on similar settlements, customers could receive anywhere from a few dollars to a few hundred dollars, depending on how many incoming wire fees they were charged.
How Will You Get Paid?
Bank of America will issue payments automatically once the settlement is finalized. Here’s how you’ll receive your money:
💳 If you still have a Bank of America account → Your settlement payment will be directly deposited into your checking or savings account.
✉️ If you closed your account → You’ll receive a paper check in the mail at your last known address.
There’s no need to file a claim—as long as you’re eligible, you will receive your money automatically.
What Are Your Options?
If you qualify for the settlement, you have three main options:
1️⃣ Accept the payout → Do nothing, and you’ll automatically receive your share of the settlement.
2️⃣ Opt-out of the settlement → If you want to sue Bank of America on your own, you must opt out before the deadline.
3️⃣ Object to the settlement → If you believe the settlement amount is too low or unfair, you can file an objection with the court.
⚠️ Important Deadlines to Remember
📅 Opt-out or Objection Deadline: November 9, 2024
⚖️ Final Court Approval Hearing: December 9, 2024
💵 Estimated Payment Date: Early 2025
Why is This Settlement Important?
This lawsuit highlights a bigger issue in banking—hidden fees that customers aren’t properly informed about. Many banks impose wire transfer charges, overdraft fees, and monthly maintenance costs, often buried in fine print.
This case sets a legal precedent, showing that banks must be transparent about their fees. It also encourages customers to check their bank statements more carefully and question unexpected charges.
📌 Key Takeaway: If you’ve been charged fees you didn’t expect, you might have legal options to fight back.
What Should You Do Next?
If you’re eligible, you don’t need to do anything—just wait for updates on the settlement.
If you want to opt out or object, visit the official settlement website and follow the instructions before the deadline.
How This Settlement Impacts the Future of Banking
The Aseltine v. Bank of America class settlement is more than just a one-time payout—it highlights a much bigger issue in the banking industry: hidden fees and lack of transparency.
Many consumers trust their banks to handle their money fairly, but this case proves that not all fees are clearly disclosed. If Bank of America can charge undisclosed wire transfer fees, what other unexpected charges could be lurking in your account?
Let’s take a deeper look at how this settlement could change banking policies, customer awareness, and legal standards moving forward.
Will This Change Banking Policies?
Banks make billions of dollars every year from service fees. Some are clearly stated, like monthly account maintenance fees, while others—like wire transfer fees—can be more hidden or unclear.
After this lawsuit, banks may be forced to:
📌 Clearly disclose all fees upfront – No more fine-print surprises.
📌 Notify customers before deducting fees – Giving people a chance to approve or dispute the charge.
📌 Reduce or eliminate certain fees – Especially if they trigger multiple lawsuits.
Banks don’t want to deal with expensive class-action settlements, so they might start improving transparency and customer service to avoid similar lawsuits in the future.
Bottom line: This settlement could pressure banks to be more honest about their fees.
How to Check If You’ve Been Charged Hidden Fees
Even if you weren’t affected by the wire transfer fees in this case, it’s a good idea to review your bank statements and make sure you’re not paying for things you don’t recognize.
Steps to Find Hidden Bank Fees
1️⃣ Log into your online banking account and download your monthly statements.
2️⃣ Look for small deductions (like $10–$15) labeled as service fees, wire fees, or processing fees.
3️⃣ Check your bank’s fee schedule online and compare it to the fees on your account.
4️⃣ Call customer service and ask them to explain any charges you don’t understand.
5️⃣ Dispute unfair fees and request refunds if you were not properly informed.
🔎 Pro Tip: Banks are required by law to provide a fee disclosure document. If a charge isn’t listed, you may have grounds to request a refund.
What Legal Experts Say About This Case
Many legal professionals believe this lawsuit is a wake-up call for the banking industry.
🗣️ John Carter, a consumer rights attorney, explains:
“Banks rely on the fact that most customers won’t notice small deductions from their accounts. This case shows that consumers are fighting back and demanding transparency.”
🗣️ Lisa Montgomery, a financial analyst, adds:
“Settlements like these prove that banks can’t just charge customers without clear consent. Expect more class-action lawsuits in the future if banks don’t improve their practices.”
These experts agree that customers should pay close attention to their transactions. If banks see more people challenging fees, they’ll be forced to change their policies.
Frequently Asked Questions (FAQs)
Still have questions? Here are some common ones about the Aseltine v. BANA settlement.
1. Do I need to file a claim to get my money?
Nope! If you qualify, you’ll automatically receive your payout—either as a direct deposit or a mailed check.
2. How do I check if I was charged a wire transfer fee?
You can review your bank statements from March 8, 2019, to August 31, 2023. Look for any $15 deductions labeled as wire transfer fees.
3. What happens if I closed my Bank of America account?
You’ll still get paid! The settlement administrators will mail a check to your last known address.
4. When will I receive my payout?
5. Can I still sue Bank of America separately?
Only if you opt out of the settlement before November 9, 2024. Otherwise, accepting the payout means you waive your right to sue separately.
Final Thoughts: What You Should Do Next
This lawsuit is a reminder that you should always check your bank statements and question unexpected fees. Even if you weren’t affected by this specific case, you might have been charged other hidden banking fees without realizing it.
Your Action Plan
✅ If you’re eligible, wait for your payout – No need to file a claim.
✅ Review your past bank statements – Check for hidden fees.
✅ Call customer service if you find unfair charges – Ask for a refund.
✅ Stay informed about future settlements – Other banks might face similar lawsuits.
💡 Pro Tip: Set up account alerts in your mobile banking app to receive real-time notifications about any new fees charged to your account.
Final Verdict: A Win for Consumers
The Aseltine v. Bank of America class settlement is a big step toward financial transparency. While the payout per person may not be life-changing, the case itself sends a strong message to banks:
⚠️ Customers deserve clear, upfront information about fees.
⚠️ Banks must follow fair business practices—or face legal consequences.
If more class-action lawsuits like this arise, banks may finally be forced to eliminate hidden fees for good. Until then, stay alert, know your rights, and always question unfair charges.
📌 Want to stay updated on banking lawsuits? Keep an eye on consumer protection websites and news sources to learn about future class action cases.
Other Articles
