Bank of America Charges Secret Inbound Wire Transfer Fees, Class Action Says [UPDATE]

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A proposed class action lawsuit claims Bank of America has concealed that it charges a $15 fee when a personal accountholder receives wired funds into their account.

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The 22-page lawsuit says that despite the bank’s contractual promise to disclose all fees, it has misled accountholders and secretly “tacked on” these incoming wire transfer charges. Per the case, these so-called “junk” fees are “unavoidable” and “deducted directly from consumer accounts without consent or notice.”

The suit shares that although Bank of America promises to "list[] the fees associated with [an] account and ways to avoid them when applicable,” none of its account documents indicate the existence of an incoming wire transfer fee or an associated charge amount, as required by federal law.

Instead of disclosing the details of the fee at issue, Bank of America “coyly” leaves it up to consumers to find out more information by speaking with a banker, the case claims. In its “Personal Schedule of Fees” document, the defendant states that it “may change the fees for wire transfers and drafts at any time” and suggests that consumers “[visit] a financial center or call us … for current fees,” the complaint relays.

Further, BoA’s “Online Banking Agreement,” which apparently provides an “all-inclusive list of fees” for every type of wire transaction, “tellingly” fails to mention a charge for incoming wire transfers, the filing contends.

“Bank of America's total exclusion of incoming wire transfers from its supposedly all-inclusive fee chart must mean one thing: there will be no fees on incoming wire transfers,” the lawsuit argues.

According to the suit, accountholders are “shocked” to learn that, without warning, they have been charged this “hefty” fee after receiving a wire deposit. In fact, the charge at issue is “especially problematic” because consumers play no part in receiving inbound transfers, which is why many banks charge no such incoming wire fee, the case explains.

The plaintiff, a California resident and personal accountholder, received an inbound wire transfer in October 2022, the complaint says. The man was surprised to learn that, despite Bank of America’s contractual promises, he was charged $15 for the transaction without notice or consent, the filing shares.

The lawsuit looks to represent any Bank of America personal accountholders in the United States who were charged incoming wire transfer fees during the applicable statute of limitations period.

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