Frequently Asked Questions

The lawsuit that is being settled is entitled Aaron Aseltine v. Bank of America, N.A., CaseNo. 3:23-cv-00235 (the “Action”). The person who sued is called the “Class Representative” or “Plaintiff.” BANA is the Defendant. The case is a “class action.” That means the Class Representative is acting on behalf of the Settlement Class. The transactions at issue occurred between March 8, 2019, and August 31, 2023.

The Settlement Class consists of all Accountholders in the United States of a BANA consumer checking and/or savings Accounts opened on or before August 31, 2012, who, during the Class Period, paid and were not refunded an Incoming Wire Transfer Fee.

BANA denies all wrongdoing and liability and denies that Plaintiff’s claims entitle him or the Settlement Class Members to any relief and denies that anyone was harmed by the conduct that the Plaintiff alleges.

You received the Notice because BANA’s records indicate you are in the Settlement Class that was alleged to have been charged one or more of the Incoming Wire Transfer Fees at issue. The Court directed the Notice be sent to all Settlement Class Members because each Settlement Class Member has a right to know about the proposed Settlement and the options available to him or her before the Court decides whether to approve the Settlement.

In any lawsuit, there are risks and potential benefits that come with a trial versus settling at an earlier stage. It is Class Counsels’ job to identify when a proposed settlement offer is good enough that it justifies recommending settling the case instead of continuing to trial. In a class action, these lawyers, known as Class Counsel, make this recommendation to the Class Representative. The Class Representative has the duty to act in the best interests of the class as a whole and, in this case, it is his belief, as well as Class Counsel’s opinion, that this Settlement is in the best interest of all Settlement Class Members for at least the following reasons:

There is legal uncertainty about whether a judge or a jury will find that BANA breached its agreements with customers or otherwise acted improperly by assessing the Incoming Wire Transfer Fees that are the subject of this Action. There is also uncertainty about whether the Class Representative’s claims are subject to other defenses that might result in no or less recovery to Settlement Class Members. Even if the Class Representative was to win at trial, there is no assurance that the Settlement Class Members would be awarded more than the $21,000,000 that BANA is paying in this Settlement, and it may take years of litigation before any payments would be made. By settling, the Settlement Class will avoid these, and other risks, and the delays associated with continued litigation.

While BANA disputes Class Representative’s claims, it has agreed to settle to avoid the costs, distractions, and risks of litigation. Thus, even though BANA denies that it did anything improper, it believes the Settlement is in its best interest and in the best interests of all of the Settlement Class Members.

If you received the Notice, then BANA’s records indicate that you are a Settlement Class Member who is entitled to receive a Settlement Class Member Payment.

You have three options: (1) do nothing and you will receive a Settlement Class Member Payment according to the terms of this Settlement, but you give up your rights to sue BANA separately about the same legal claims in this lawsuit; (2) opt-out of the Settlement and you will not receive a Settlement Class Member Payment; or (3) participate in the Settlement but object to it. Each of these options is described in a separate FAQ.

If you do nothing, you will receive a Settlement Class Member Payment.

The Opt-Out Deadline for the Settlement is November 9, 2024.

The Objection Deadline is November 9, 2024.

If you do not like the Settlement and you believe you could receive more money by pursuing your claims on your own (with or without an attorney you could hire) and you are comfortable with the risk that you might lose your case or get less than you would in this Settlement, then you may want to consider opting-out.

If you believe the Settlement is unreasonable, unfair, or inadequate, and the Court should reject the Settlement, you can object to the Settlement terms. The Court will decide if your objection is valid. If the Court agrees with you, then the Settlement may not be approved, and no payments will be made to you or any other Settlement Class Member. If your objection (and any other objection) is overruled, and the Settlement is approved, then you will still get a Settlement Class Member Payment.

The Court must decide the Settlement is fair, reasonable, and adequate before it will approve it. The Court has already given Preliminary Approval of the Settlement, which is why you received the Notice via email or mail. The Court will make a final decision regarding the Settlement at a Final Approval Hearing, which is currently scheduled for December 9, 2024.

BANA has agreed to create a cash Settlement Fund of $21,000,000. As discussed separately below, Attorneys’ Fees and Costs Award, a Service Award to the Class Representative, and all Settlement Administration Costs will be paid out of this amount. Subject to Court approval, the Net Settlement Fund (money remaining after payment of Attorneys’ Fees Award, Costs Award, a Service Award, and Settlement Administration Costs) will be divided pro rata among all Settlement Class Members based on the formula described in the Settlement Agreement.

Class Counsel will request the Court award up to one-third of the Settlement Fund ($7,000,000) as the Attorneys’ Fees Award, plus reimbursement of Class Counsel’s litigation costs incurred in prosecuting the Action. The Court will decide the amount of Attorneys’ Fees and Costs to award Class Counsel.

Class Counsel, on behalf of the Class Representative, will request a Service Award of up to $5,000 for the Class Representative. The Service Award must be approved by the Court.

Subject to Court approval, the Net Settlement Fund will be divided among all Settlement Class Members entitled to Settlement Class Member Payments in accordance with the formula outlined in the Settlement Agreement found in the Documents section of this website. Current Accountholders of BANA as of the Effective Date of the Agreement will receive a credit to their BANA Accounts. Past Accountholders of BANA will receive a check from the Settlement Administrator.

No. Any amount you are entitled to under the terms of the Settlement will be distributed to you, unless you choose to opt-out of the Settlement. Opting-out from the Settlement means you choose not to participate in the Settlement. You will keep your individual claims against BANA, but you will not receive a Settlement Class Member Payment. In that case, if you choose to seek recovery against BANA, then you will have to file a separate lawsuit or claim.

The Court will hold a Final Approval Hearing on December 9, 2024, to consider whether the Settlement should be approved. If there are no objections and the Court approves the Settlement, then Settlement Class Member Payments should be made within approximately 45 to 60 days after the Settlement’s Effective Date. The Effective Date means the next business day after the entry of the Final Approval Order and Final Judgement and Order of Dismissal provided there are no objections to the approval of the Settlement. If there are objections, then the Effective Date shall mean the next business day following the last date on which a notice of appeal directed to the entry of the Final Approval Order and Final Judgment and Order of Dismissal could have been timely filed but with no notice of appeal having been filed; or, should a notice of appeal be filed, it shall mean the next business day after the Final Approval Order and Final Judgment and Order of Dismissal is affirmed, all appeals are dismissed, and no further appeal is permitted.

Objecting is telling the Court that you do not believe the Settlement is fair, reasonable, and adequate for the Settlement Class, and asking the Court to reject it. You can object only if you do not opt-out of the Settlement. If you object to the Settlement and do not opt-out, then you are entitled to a Settlement Class Member Payment if the Settlement is approved, but you will release claims you might have against BANA. Opting-out is telling the Court that you do not want to be part of the Settlement, and do not want to receive a Settlement Class Member Payment or release claims you might have against BANA for the claims alleged in this lawsuit.

If the Court sustains your objection, or the objection of any other Settlement Class Member, then there may be no Settlement. If you object, but the Court overrules your objection and any other objection(s), then you will be part of the Settlement.

The Court will hold a Final Approval Hearing on December 9, 2024 at 10:00 AM in Courtroom 1 at the United States District Court for the Western District of North Carolina, located at 100 Otis St., Asheville NC 28801. Parties may attend in person at either the Asheville Division District Courthouse or in Courtroom 5A of the Charlotte Division District Courthouse, which is located at Charles R. Jonas Federal Building, 401 West Trade Street, Charlotte, NC 28202. The Court will preside remotely from the Asheville location to the Charlotte location. Parties may attend remotely by contacting the Deputy Clerk at the Charlotte location for further instructions ([email protected]). The Final Approval Hearing was originally scheduled for October 21, 2024.  At this hearing, the Court will consider whether the Settlement is fair, reasonable, and adequate. If there are objections, the Court will consider them. The Court may also decide how much to award Class Counsel for Attorneys’ Fees and Costs and how much the Class Representative should get as a Service Award for acting as the Class Representative.

No. Class Counsel will answer any questions the Court may have. You or your lawyer may appear at the hearing at your own expense if you desire to do so, but you do not have to. If you have submitted an objection, then you may want to attend.

If you have objected, you may ask the Court for permission to speak at the Final Approval Hearing. To do so, you must separately file a “Notice of Intent to Appear” with the Court no later than November 9, 2024 and in that notice you must:

    - state how much time the Settlement Class Member anticipates needing to present the objection;

    - identify, by name, address, and telephone number all witnesses the Settlement Class Member proposes to have testify;

    - summarize in detail the anticipated testimony of all such witnesses;

    - identify all exhibits the Settlement Class Member intends to offer in support of the objection; and.

    - attach complete copies of all such exhibits.

You must also deliver a copy of the Notice of Intent to Appear with the above listed items to Class Counsel and BANA’s Counsel.

If you do nothing at all, and if the Settlement is approved, then you may receive a Settlement Class Member Payment that represents your share of the Net Settlement Fund. You will be considered a part of the Settlement Class, and you will give up claims against BANA for the conduct identified in the Settlement. You will not give up any other claims you might have against BANA that are not released in this Settlement.

The Court ordered that the lawyers and their law firms referred to in this Notice as Class Counsel will represent you and the other Settlement Class Members. You may hire your own attorney, at your own expense if you desire to do so, but you do not have to. 

No. Class Counsel will be paid directly from the Settlement Fund.

The Court will be asked to approve the amount of Attorneys’ Fees and Costs Award at the Final Approval Hearing. Class Counsel will file an application for attorneys’ fees and will specify the amount being sought as discussed above. Once filed, you may review the Motion for Final Approval, which will include the Attorneys’ Fees and Costs Award and Service Award application, in the Documents section of this website.

If you need to change your address for purposes of receiving a Settlement Class Member Payment, you should contact the Settlement Administrator using the toll-free number (833) 522-3647, or by writing to:

Aseltine v. Bank of America, N.A.

c/o Kroll Settlement Administration LLC

P.O. Box 225391

New York, NY 10150-5391