You may be eligible for a refund from Bank of America if you were charged repeat $35 non-sufficient funds fees between September 2018 and February 2022, were promised credit card rewards or a sign-up bonus you never received, or had a credit card account opened in your name without your permission at any point since 2012. These are the harms the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency identified in July 2023, and the bank was ordered to return more than $100 million to affected customers.1Consumer Financial Protection Bureau. Bank of America: Junk Fees, Rewards, and Unauthorized Accounts
Who Qualifies for a Refund
Four groups of customers are covered by the order:2Consumer Financial Protection Bureau. Bank of America, N.A. – Fees3Consumer Financial Protection Bureau. What’s Ahead for Bank of America Customers – Section: Refunds and reimbursements
- Customers charged repeat NSF fees between September 2018 and February 2022. The bank would deny a payment, charge $35, then charge another $35 when the merchant tried the transaction again.2Consumer Financial Protection Bureau. Bank of America, N.A. – Fees
- Credit card customers who were promised rewards points or cash bonuses they never received, often because of how they applied for the card.
- Anyone who had a credit card account opened in their name without authorization since 2012. Some employees opened these accounts to meet sales goals.
- Former customers who closed their accounts but were affected while those accounts were active.
How You Get Paid
You do not need to file a claim. The bank is required to identify harmed customers on its own and send refunds or account credits automatically.3Consumer Financial Protection Bureau. What’s Ahead for Bank of America Customers – Section: Refunds and reimbursements
If you still bank with Bank of America, your refund will usually be deposited straight into your checking or savings account. If you’ve closed your account, a check will be mailed to the last address the bank has on file. No one legitimate will ask you for tax documents, ID, or old statements to release the money, so treat any such request as a red flag.
What To Do If No Payment Arrives
If you believe you were harmed and nothing shows up, start by contacting Bank of America directly, especially if you’ve moved since closing an account and the bank may not have a current address for you. You can also file a complaint with the CFPB so your situation is documented and reviewed.3Consumer Financial Protection Bureau. What’s Ahead for Bank of America Customers – Section: Refunds and reimbursements