Bank of America Class Action Settlements & Claims Guide

Bank of America's most significant recent enforcement action was the 2023 CFPB order requiring BofA to pay $250 million in penalties and restitution for three practices: (1) charging customers duplicate NSF fees — two fees on the same declined transaction — collecting tens of millions in illegal fees; (2) withholding credit card sign-up bonuses and cash-back rewards that customers had earned and been promised; and (3) opening credit card accounts and enrolling customers in fee-generating products without their knowledge or consent. Earlier, BofA was a defendant in the massive overdraft fee MDL litigation, which challenged the high-to-low transaction reordering practice that artificially maximized overdraft fee revenue across millions of customer accounts. BofA has also faced settlements over mortgage modification failures, student loan servicing abuses, and securities fraud.

The 2023 CFPB enforcement action against Bank of America covered three specific billing and account practices. If you held a BofA checking account between 2010 and 2022 and were charged a second NSF fee on the same declined transaction, you are likely owed a refund. If you held a BofA credit card between 2012 and 2022 and applied for a card that offered a sign-up bonus or ongoing cash-back rewards that you earned but never received, you may be owed restitution. If BofA opened a credit card in your name or enrolled you in a bank product without your explicit authorization, you are entitled to a refund of any fees charged on that product. Some customers are being compensated automatically; others must file a claim. Check the settlement cards above for the current status of BofA enforcement restitution claims.

Bank of America was a major defendant in the nationwide overdraft fee MDL litigation, which challenged the practice of reordering debit card transactions from highest-to-lowest dollar amount to drain account balances faster and generate more overdraft fee revenue. Courts found this practice deceptive in multiple cases. BofA reached an MDL settlement and also settled California class actions over overdraft practices. More recently, BofA faces class actions over charging overdraft fees on transactions that the bank authorized when the account had a positive balance, but then cleared after the balance dropped. If you were charged unexpected overdraft fees on your BofA account, check the settlement cards above for open claims.

To file a Bank of America settlement claim, check the live settlement cards above for any open deadlines. Most BofA class action claims require only your account number or Social Security number and confirmation that you held a qualifying account during the class period. BofA's internal records are typically used to verify eligibility for fee-related claims. For denied rewards claims, your credit card account number and approximate dates are usually sufficient. Official BofA settlement claim forms are hosted by court-appointed settlement administrators; SettlementRadar links directly to these. Filing is always free — never pay a fee to submit a BofA settlement claim.

Bank of America is facing significant class action litigation and regulatory pressure over its handling of Zelle payment fraud. Zelle, the bank-owned peer-to-peer payment network, has been used by scammers to steal billions of dollars from consumers through impersonation scams, marketplace fraud, and investment scams. BofA and other Zelle-participating banks have frequently refused to reimburse customers who lost money to Zelle scams, arguing the transactions were "authorized" even when customers were deceived into sending money.

In January 2024, the Consumer Financial Protection Bureau filed a lawsuit against Bank of America, JPMorgan Chase, and Wells Fargo over their joint ownership of Zelle and their alleged failure to investigate fraud complaints adequately or reimburse victims. The CFPB estimates consumers lost over $870 million to Zelle scams between 2017 and 2024 that the banks refused to refund.

If you were a victim of Zelle fraud through your Bank of America account and BofA refused to reimburse you, check the settlement cards above for any open class action or regulatory action claims. The CFPB lawsuit could result in a multi-hundred-million-dollar settlement fund for affected consumers. Subscribe below to be notified the moment a Zelle fraud settlement opens for claims.

One of the most frustrating Bank of America consumer practices targeted by the CFPB was systematically denying or delaying credit card sign-up bonuses and cash-back rewards. BofA credit card applications prominently advertised cash bonuses (often $200–$500) for spending a certain amount in the first 90 days, and ongoing cash-back rewards for every purchase. The CFPB found that BofA in some cases denied these rewards to customers who had legitimately earned them — effectively advertising rewards as a customer acquisition tool and then not honoring them.

Affected customers are entitled to restitution under the CFPB order. If you applied for a Bank of America credit card between 2012 and 2022 and earned but did not receive a promised sign-up bonus, rewards points, or cash-back rewards, you may be owed money. Some customers have been automatically refunded; others must file a claim. Additionally, BofA credit card customers who were enrolled in identity theft protection, credit protection, or other fee-based add-on products without their knowledge are entitled to refunds of all fees charged on those products.

Check the settlement cards above for the current status of BofA CFPB restitution claims and any open class action claims related to denied rewards or unauthorized product enrollments.