Bank Of America Class Action Settlement Payout Date 2025: The Bank Of America Class Action Settlement Payout Date 2025 is now a key topic for many former and current account holders. This settlement involves Bank of America paying $2.85 million to resolve claims that it mishandled customer accounts during debt collection attempts. Specifically, the bank is accused of improperly restraining accounts and delaying access to funds that should have been protected under the Exempt Income Protection Act (EIPA).

This guide provides all essential information regarding the settlement, including who qualifies, how much claimants can receive, key dates, and how the payouts will be processed.

Bank Of America Class Action Settlement Overview

The lawsuit targeted Bank of America’s practices related to restraining customer accounts. It claimed that the bank aggregated judgment debtors’ accounts improperly and delayed access to exempt income. As a result, account holders who should have had immediate access to certain funds experienced unnecessary delays.

To resolve the issue and avoid further court proceedings, Bank of America agreed to a class action settlement, totaling $2.85 million. The fund will cover payments to affected customers, attorney fees, administrative costs, and service awards to class representatives.

Overview Table

Settlement Name	Bank Of America Class Action Settlement
Total Settlement Fund	$2,850,000
Estimated Payment Per Customer	Around $35
Eligibility Period	January 1, 2009 to February 17, 2023
Claim Form Required	No
Proof Required for Payment	No
Final Hearing Date	June 18, 2025
Expected Payment Start Date	Approximately 45 days after court approval
Official Website	Settlement Administrator Website

Key Details of the $2.85 Million Settlement

The total settlement amount of $2.85 million will be used to compensate eligible Bank of America account holders. Here’s how the fund will be allocated:

• Attorneys’ fees up to $949,905
• Service awards of $13,000 each to the three class representatives
• Settlement administration costs (exact amount to be determined)
• Remaining funds distributed to eligible customers

It is estimated that each eligible class member will receive about $35, though the exact amount may vary depending on the final number of recipients and approved deductions.

Who is Eligible for the Bank Of America Settlement?

Two classes of Bank of America customers are eligible for this settlement:

• 5239 Class: Individual account holders who had their accounts restrained improperly between January 1, 2009, and February 17, 2023, and whose accounts were not applied by a sheriff or receiver to the satisfaction of a judgment.
  
• 5240 Class: Individual account holders whose accounts were restrained or levied in violation of EIPA during the same period.
  

If you had a Bank of America account during this time and faced improper account restraint, you likely qualify for the settlement.

How Much Will Eligible Customers Receive?

The settlement amount is distributed on a pro rata basis, meaning that after attorney fees and administrative costs are deducted, the remaining funds will be split equally among eligible class members.

The estimated payout is approximately $35 per person, though this may slightly vary based on:

• The total number of valid class members
• Final court-approved deductions

Is Proof or Claim Form Needed?

One of the advantages of this settlement is that no action is required from class members to receive their payment. Bank of America has already provided the settlement administrator with all necessary customer information. No claim forms need to be filled out, and no extra documents are needed.

Eligible account holders will receive their payment automatically without needing to submit any additional paperwork.

Bank Of America Class Action Settlement Payout Date 2025

The final approval hearing for the settlement is scheduled for June 18, 2025. After the court approves the settlement, the settlement administrator will begin distributing payments.

It is expected that payments will be mailed to eligible customers around 45 days after the final approval. This places the estimated payout date in late summer or early fall 2025.

Customers are advised to keep their contact information up to date to avoid delays in receiving their payments.

Why Did Bank Of America Agree to Settle?

The lawsuit against Bank of America alleged that the bank violated the Exempt Income Protection Act by:

• Aggregating judgment debtors’ accounts improperly to calculate exempt amounts
• Delaying access to protected funds by mailing checks instead of crediting the accounts directly

Although Bank of America did not admit wrongdoing, the bank agreed to the settlement to avoid the expenses and uncertainties of further litigation. This decision ensures that affected customers receive compensation without needing to engage in prolonged court processes.

Conclusion

The Bank Of America Class Action Settlement Payout Date 2025 is an important development for account holders who faced improper account restraints over the past decade. With a $2.85 million settlement fund, eligible customers will receive compensation without the need for claim forms or proof submission.

If you had an account with Bank of America between January 1, 2009, and February 17, 2023, and experienced account restraints, you are likely part of the class action settlement. Payments are expected to start around 45 days after the court grants final approval in June 2025.

Stay informed by monitoring official announcements, and ensure your mailing address is current to receive your payment without delay.

Frequently Asked Questions (FAQs)