Bank Of America Tricks Customers Into Paying Transfer Fees Even Though It Can Be Free – Class Action
A pair of plaintiffs are accusing Bank of America of preying on their non-comprehension of complex banking operations network, along with other fellows Bank of America account holders, in order to charge transfer fees that could have been free all along.
Plaintiffs Eline Barokas and Tami Bruin allege that Bank of America has been manipulating unknowing banking customers for the company’s own financial gain.
According to the two, this is done by Bank of America by charging each bank account holder as much as $10 each for each money transfer transaction undergone under their account.
Both plaintiffs Barokas and Bruin, say that they have accumulated fees whenever they had a money transfer transaction under their Bank of America accounts.
However, the two found out that other banks don’t charge fees like how Bank of America does.
The pair accuse the company of taking advantage of the complexity of the National Automated Clearinghouse (NACHA) system used by different banks and industry players nationwide.
NACHA runs under an opaque veil, which prevents regular everyday consumers from understanding the system’s full inner workings.
This situation is where Bank of America allegedly takes advantage of its oblivious banking clients by charging fees.
In fact, according to Barokas and Buin’s complaint, Bank of America has the ability to not ask bank account holders for a fee for every transaction that they make.
They point out that other competitor banks do not ask for a fee for the same transaction if it is done under their guise.
Filed in the United States District Court for the Southern District of New York, the Bank of America Transfer Fees Class Action’s plaintiffs are seeking to establish and represent a nationwide Class of Bank of America account holders who were also charged the allegedly deceptive fees when they made money transfers under their accounts.
The formation of subclasses in their native states of North Carolina, New York, and New Jersey is proposed as well.
Barokas and Bruin are accusing the bank of allegedly violating state consumer protection laws in their deceptive collection practices.
About the company
Bank of America, officially known as Bank of America Corporation, is a banking company founded in 1998 after NationsBank acquired BankAmerica, which ultimately led to the establishment of Bank of America.
Headed by its long-time CEO Brian Moynihan, Bank of America does multinational investment banking services and financial services to its individual banking clients.
The company is headquartered in Charlotte, North Carolina.
Editor’s Note on Bank of America Transfer Fees Class Action Lawsuit:
This feature article aims to give you an update on the latest class action lawsuit contending that Bank of America is duping its customers into paying transfer fees though this can be done completely free of charge.
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