Bank of America EFTA Class Action Settlement: $2 Million Fund

A class action accuses Bank of America of violating the Electronic Fund Transfer Act (EFTA) by wrongfully denying customers' claims that debit card or ATM transactions were unauthorized, failing to adequately explain those denials, and refusing to share the documents it relied on when customers asked for them. Bank of America denies any wrongdoing and says it agreed to settle only to avoid the expense and uncertainty of continued litigation; the Court has not ruled on the merits.

You may qualify if you filed a claim with Bank of America asserting that a debit card or ATM-related electronic fund transfer was unauthorized, and the bank denied that claim between May 6, 2023, and July 14, 2026. To participate, you must submit a valid Claim Form online or by mail before the deadline.

Bank of America has agreed to establish a $2,000,000 Settlement Fund. After deducting costs for notice, administration, attorneys' fees, and a service award, the remaining money will be split on a pro rata basis among everyone who files a valid, timely claim, the source doesn't specify an exact dollar amount, range, or payment tiers per person. Separately, Bank of America has agreed to strengthen the written denial letters it sends customers going forward.

No receipts, statements, or other supporting documents are required. The Claim Form simply asks for your name and contact information, the Unique ID from your mailed or emailed notice, your preferred payment method, and a signature certifying under penalty of perjury that your claim was denied within the eligible timeframe. The Settlement Administrator may follow up for additional information if necessary.