So, you probably saw a weird credit on your bank statement or a random check in the mail and wondered if it was a scam. It’s a fair question. These days, getting "free money" from a bank feels like a glitch in the matrix. But if you’re a Bank of America customer, that payment was likely real, stemming from a legal battle known as the Bruin v. BANA class action settlement.
Honestly, most people ignore these class action notices because they think they’ll only get three cents after filling out twenty pages of paperwork. This case was a bit different. It wasn't about a data breach or some vague corporate oopsie; it was about "push" transfers—specifically, the fees you get hit with when you try to move your own money from Bank of America to another bank.
The core of the issue was simple: Tami Bruin and Eline Barokas, the lead plaintiffs, argued that BofA was basically charging people for something that should have been free. They claimed the bank was deceptive about how the NACHA (National Automated Clearing House Association) system works. Essentially, the lawsuit alleged that the bank was profiting off customers' lack of technical knowledge about money transfers.
What Exactly Happened with Bruin v. BANA?
The "BANA" in the case title stands for Bank of America, N.A. The lawsuit, officially titled Tami Bruin, et al. v. Bank of America, N.A., centered on what the legal world calls "ACH First Party Fees."
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If you tried to send money from your BofA checking or savings account to an account you owned at a different bank (like Ally or Capital One) between April 4, 2018, and November 17, 2023, you might have been charged a fee of $3 or even $10. The plaintiffs argued that these fees were junk. They pointed out that many other banks don't charge a dime for the same service.
BofA, of course, denied doing anything wrong. They didn't admit to being "deceptive," but they did decide to settle. Why? Because fighting a nationwide class action for years is incredibly expensive. In the end, they agreed to a deal worth roughly $29 million in total value.
Breaking Down the Numbers
The settlement wasn't just a big pile of cash. It was split into two main parts:
- The $8 Million Cash Fund: This was the actual money set aside to pay back customers who were hit with these fees.
- The $21 Million Practice Change: This is the part people often overlook. As part of the settlement, Bank of America agreed to stop charging these specific ACH transfer fees for at least five years. Legal experts estimated that this would save customers around $21 million in fees they otherwise would have paid.
How the Payouts Worked
One of the coolest things about the Bruin v. BANA class action settlement—and honestly, why it’s more successful than most—is that you didn't have to do anything to get paid.
There was no complicated claim form. No digging through 2019 PDFs for receipts.
If you were part of the "class" (meaning you paid one of these fees during the specific dates and didn't get a refund), the settlement administrator used the bank's own records to find you. If you still had an active account, they just credited the money back to you. If you had closed your account, they mailed a check to your last known address.
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"I only got $2.00!"
I've seen people online complaining that their payout was tiny. One guy on a forum mentioned getting 21 cents, though the official settlement documents actually specified a minimum payment of $2.00 for those eligible.
Here is the reality: class action settlements are a math game. Once you take that $8 million and subtract the lawyers' fees (usually around 33%), the administrative costs of mailing thousands of notices, and the "service awards" for the lead plaintiffs, the "Net Settlement Fund" gets spread thin. The more people who were charged fees, the smaller the individual slice of the pie.
Key Dates You Might Have Missed
Even though the "action" part of this is largely over, it helps to know the timeline if you're trying to track down a missing check.
- November 17, 2023: This was the preliminary approval date and the end of the "Class Period."
- March 18, 2024: This was the deadline to opt-out or object. If you didn't send a letter by this date, you were automatically included in the deal.
- April 30, 2024: The Final Fairness Hearing took place. Judge Max O. Cogburn Jr. gave the final green light.
- June 14, 2024: This is when the checks and credits actually started going out.
If you think you should have received something and didn't, it’s worth checking your 2024 bank statements for a credit labeled something like "Bruin Settlement" or "ACH Fee Refund."
Why This Case Matters for Your Wallet
The Bruin v. BANA class action settlement isn't just about a few dollars back in your pocket. It’s part of a much larger trend of "anti-junk fee" movement in the U.S.
For years, big banks have relied on "gotcha" fees—overdrafts, out-of-network ATMs, and these outbound ACH fees—to pad their bottom lines. Lawsuits like this one, alongside pressure from the Consumer Financial Protection Bureau (CFPB), are slowly forcing banks to be more transparent.
The fact that BofA has to stop charging these fees for five years is a big win. It sets a precedent. When one big bank stops charging for a standard service, it makes it harder for the others to justify keeping their fees.
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What You Should Do Now
If you were a Bank of America customer during the 2018-2023 window, here is how you can wrap this up:
- Check your records: Look at your June or July 2024 statements. If you see a credit, you're all set.
- Watch the mail: If you moved recently but had a BofA account during the class period, check with your old address or the post office. Unclaimed checks usually eventually go to the state’s unclaimed property fund.
- Look for other settlements: This wasn't the only lawsuit BofA faced. There was another similar one (the Aseltine case) involving incoming wire transfer fees that had a deadline in late 2024.
- Switching is an option: If you’re tired of fee-hunting, look into credit unions or online-only banks. Many of them have never charged for the "push" transfers that caused this whole mess in the first place.
Banks count on us being too busy or too confused to fight back against $3 fees. But when those $3 charges happen millions of times, they become a $29 million problem. Keeping an eye on these settlements is basically the only way to ensure the big guys stay honest.