AMERICANS can get cash from a $2.85 million Bank of America payout – but the deadline’s just days away.
The money is being handed out by the bank to settle claims it charged fees on bank accounts protected by New York‘s Exempt Income Protection Act.
GettyAmericans can get around $35 from a Bank of America settlement over EIPA violations[/caption]Bank of America is a national bank with operations across the United States and in 35 other countries.
It agreed to a $2.85 million settlement to resolve claims that it violated New York’s Exempt Income Protection Act (EIPA).
The EIPA is a law that protects certain types of income – like social security, pensions or unemployment benefits – from being seized or garnished by creditors.
In this case, the bank was accused of charging fees on accounts that should have been protected under this law.
The settlement is for customers whose accounts were frozen or had money taken between January 1, 2009, and February 17, 2023.
The lawsuit claims Bank of America broke the law by adding up all accounts and using that total to decide how much money was protected, instead of looking at each account separately.
The plaintiffs also violated the EIPA by sending certified checks for exempt funds, instead of making the money available in customers’ accounts – and then allegedly charged fees on top of that.
Bank of America hasn’t admitted any wrongdoing but agreed to a $2.85 million class action settlement to settle these claims.
Under the terms of the settlement, class members can receive a cash payment based on the number of restraint fees they were charged.
Payments are estimated to be around $35 – but are said to vary.
Bank of America also agreed to improve its business practices as part of the EIPA settlement.
Since August 2017, Bank of America no longer aggregates judgment debtors’ accounts before calculating exempt amounts.
Since February 2023, Bank of America agreed to keep exempt funds in judgment debtors’ accounts.
The deadline for exclusion and objection is May 19, 2025.
The final approval hearing for the settlement is June 18, 2025.
No claim form is required to benefit from the settlement.
Class members who don’t opt out are still eligible to receive settlement benefits.
Meanwhile, Americans hit by a major health data breach could claim up to $7,000 in compensation.
The breach happened between July 12 to 15 2023 and involved two healthcare providers, Navvis and SSM Health, which operate in Illinois, Missouri, Oklahoma and Wisconsin.
Although Navvis and SSM Health have not admitted to any wrongdoing, they have agreed to a $6.5 million settlement.
The deadline to file a claim is May 26, 2025.
GettyBank of America is a national bank with operations across the US and in 35 other countries[/caption] Read More Details
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