Bank of America Handing $2,850,000 To Customers in Settlement Over Alleged Illegal Fees and Account Restrictions
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Bank of America will pay $2.85 million to settle a class action lawsuit alleging it charged illegal fees and mishandled accounts under New York’s Exempt Income Protection Act. The lawsuit claimed BofA improperly grouped accounts, leading to excessive fund freezes and delayed access to exempt funds. While BofA denies wrongdoing, it will change its practices, including stopping account aggregation and improving notification to customers about their rights. The settlement awaits court approval.
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