Class Action Lawsuits Against Bank of America: Your Share

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Class Action Lawsuits Against Bank of America: Your Share

Big news for Bank of America customers! The bank is in hot water over its auto bill pay program. A new lawsuit claims that the bank failed to provide people with vital information about how the program works, which could have harmed many individuals using Bank of America credit cards.

What’s the Big Deal?

Potter Handy LLP, a law firm, is suing Bank of America. They say the bank didn’t warn people that if they don’t use their credit cards, their auto bill pay might stop working. This could cause people to miss payments and mess up their credit scores.

The lawsuit wants Bank of America to:

  • Give money back to people who got hurt
  • Stop doing these unfair things
  • Pay for other damages

Are You Affected?

You might be part of this lawsuit if:

  • You have a Bank of America credit card
  • You’ve had problems with auto bill pay
  • You missed payments because of this
  • Your credit score went down

If this sounds like you, you may be eligible to join the lawsuit and potentially receive compensation.

What Did Bank of America Do Wrong?

The lawsuit says Bank of America:

  1. Didn’t tell people how auto bill pay works
  2. Didn’t warn that not using your card could stop auto-pay
  3. Caused people to miss payments
  4. Hurt people’s credit scores
  5. Made money unfairly

Why This Matters?

If the lawsuit is right, Bank of America wasn’t playing fair. This could have resulted in financial loss and damaged their credit. That’s a significant concern because good credit is essential for many things, such as obtaining loans or renting a house.

What’s Next?

If you believe Bank of America’s auto bill pay has harmed you, you can take action. The lawyers at Potter Handy LLP want to help. They’re fighting to make things right for people like you.

Don’t wait too long! You might have a time limit to join the lawsuit. If you believe you were affected, it’s advisable to consult a lawyer as soon as possible.

Other Bank of America Problems:

This isn’t the only issue Bank of America is facing. Let’s look at some other significant problems:

COVID-19 Fee Refund Trouble:

Bank of America is also in trouble for not refunding fees as promised during the COVID-19 pandemic. Here’s what happened:

  • The bank said it would help customers by giving back overdraft fees.
  • They referred to this as the “Client Assistance Program.”
  • However, the program was stopped on August 31, 2020.
  • The bank didn’t inform people that they had stopped it.
  • Customers continued to believe they could recover their fees.

A judge named Yvonne Gonzalez Rogers has ruled that the bank must face a lawsuit. She thinks the bank might have misled people by not informing them that the program had ended.

Some customers claim to have lost hundreds of dollars as a result of this. Issue: They thought paying overdraft fees was preferable to borrowing money from family or taking out loans. Now they’re mad because the bank won’t give the money back.

More Money Troubles:

Bank of America is in even more hot water. The government says the bank did some bad things:

  1. The bank has to pay a fine of $250 million to the government.
  2. They have to refund $80.5 million to the customers they have harmed.
  3. They might have to pay another $25 million to trick people into using credit cards.
  4. There is an additional $8 million to pay lawyers and other costs.

The government agency that watches out for customers (the CFPB) says Bank of America charged people too much money from 2018 to 2022 and didn’t give enough information about their bank accounts.

Getting Money Back:

If you’re one of the people Bank of America has hurt, you might be eligible for some compensation. Here’s what you need to know:

  • The bank will soon start paying people back.
  • Most people should get their money by the end of 2024.
  • You don’t need to take any action if you’re already part of the lawsuit.
  • The bank will put money in your savings account.
  • You must inform them if you wish to have the funds deposited into a different account.

What to Do Now?

If you think Bank of America tricked you or charged you too much, here’s what you can do:

  1. Keep an eye out for news about the lawsuits.
  2. Check if you’re part of the group eligible for a refund.
  3. Consult a lawyer if you’re unsure about what to do.
  4. Keep any papers that show how the bank hurt you.
  5. Be patient – it might take a while to get your money.

Bank of America is in big trouble for not being fair to its customers. From auto bill pay problems to breaking promises about COVID-19 help, the bank has a lot to answer for. Stay alert and familiarize yourself with your rights if you’re a Bank of America customer. You may be able to recover some money if the bank has mistreated you.

Remember, banks should help us, not hurt us. It’s good that people are fighting back and ensuring banks play by the rules. Keep an eye out for more news about these lawsuits – they could impact many people.