If you banked with Bank of America between 2018 and 2022, you may be entitled to a cash refund—but you have to act fast. The bank agreed to pay $250 million as part of a settlement with the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) over a series of improper practices. These included:
- Charging duplicate overdraft fees
- Opening unauthorized accounts
- Denying promotional rewards that were promised to customers
Part of the money has already been returned automatically to some affected customers, but many still need to file a claim manually before the May 26th deadline.
Who qualifies for the Bank of America refund?
You might be asking: Do I qualify for the Bank of America refund? Well, here’s a simple way to find out.
You may be eligible if you were a Bank of America customer any time between January 2018 and December 2022 and experienced one or more of the following:
- You were hit with more than one overdraft fee for the same transaction
- You noticed an account opened in your name without your knowledge or consent
- You missed out on promotional bonuses you were promised when opening a new account
Even if you are unsure whether one of these happened to you, it is worth double-checking your records or contacting Bank of America to confirm.
How much money can you get back from the Bank of America settlement?
The refund amount varies depending on the situation. If you experienced multiple improper charges or had several accounts affected, your payout could be more substantial.
For example, some customers who were charged duplicate overdraft fees may be eligible for hundreds of dollars in refunds. Others who were denied promotional offers might receive compensation based on what they were promised.
Even if your refund is small, it is still your money, and there is no reason to leave it unclaimed.
How to file a bank of America refund claim before the May 26th deadline
This part is crucial. If you think you are eligible and you have not yet received any compensation, you will need to file a claim by May 26th.
To do so:
- Visit the official CFPB or settlement administrator’s website. There should be a dedicated portal for this settlement.
- Submit your claim online by providing your personal details and possibly some documentation.
- Keep a copy of your submission confirmation for your records.
Do not wait until the last minute. Websites may experience high traffic as the deadline approaches, and you do not want to miss out because of technical issues.
Has bank of America already paid some customers?
Yes—some refunds have already been processed. The CFPB confirmed that many customers received automatic refunds if Bank of America had sufficient records of the improper charges.
But here is the catch: not everyone was automatically refunded, especially in cases where documentation was unclear or where customers had closed their accounts. If that sounds like you, filing a claim is your best option.
