Bank of America Settlement: $2M Deal Ends Lawsuit Over Allegedly Improper Dispute Denials

New to ClassAction.org? Read our Newswire Disclaimer

A $2 million class action settlement wraps up a lawsuit that alleged Bank of America improperly denied accountholders’ claims of unauthorized electronic fund transfers related to debit card or ATM transactions, did not sufficiently explain the basis for the denials, and failed to provide documentation used in the decision upon request, in violation of the Electronic Fund Transfer Act.

Get class action lawsuit and class action settlement news sent to your inbox – sign up for ClassAction.org’s free weekly newsletter.

The Bank of America class action settlement received preliminary approval from the court on July 14, 2026.

Eligible for the settlement are all individuals who submitted a claim or dispute to Bank of America concerning an electronic fund transfer related to a debit card or ATM transaction that they claimed was unauthorized and that Bank of America denied between May 6, 2023 and July 14, 2026.

The court-authorized Bank of America class action settlement website can be found at EFTABankingSettlement.com.

Settlement class members who file a timely, valid claim form can receive a pro rata (equal share) payment from the net settlement fund in the form of account credit or a check.

Class members who are current Bank of America accountholders will receive account credit, while former accountholders will receive a cash payment.

In addition, Bank of America has agreed to implement changes to the written communications sent to accountholders whose claims of unauthorized electronic fund transfers related to debit card or ATM transactions are denied.

To file a Bank of America settlement claim form online, class members can visit this page and enter the ID and confirmation code found on their copy of the settlement notice. Alternatively, class members can download a PDF claim form to print, complete, and return by mail to the settlement administrator.

All Bank of America settlement claim forms must be submitted online or postmarked by December 11, 2026.

The court will determine whether to grant final approval to the Bank of America class action settlement following a hearing on January 4, 2027. Settlement benefits will begin to be distributed to class members only after final approval has been granted and any appeals have been resolved.

The Bank of America class action lawsuit alleged that the financial institution violated the federal Electronic Fund Transfer Act by improperly denying customers’ claims of unauthorized electronic fund transfer(s) related to debit card or ATM transactions, failing to provide sufficient written explanation as to the basis for the denials, and failing to provide, when requested by accountholders, documents the bank relied on in denying their dispute claims.

Did you know that some class action settlements require no proof to submit a claim? Check out the latest current class action settlements.