Bank of America Handing $2,000,000 to Customers Whose Unauthorized Debit Card and ATM Disputes Were Denied

Bank of America is paying $2 million to settle claims that it wrongly turned down customers who reported unauthorized debit card and ATM transactions.

The class action lawsuit, Dennie et al. v. Bank of America, N.A., alleges the bank violated the Electronic Fund Transfer Act (EFTA) by improperly denying those disputes and failing to properly explain the denials, the official settlement website says.

The settlement covers anyone whose dispute over an unauthorized debit card or ATM transaction was denied by Bank of America from May 6th, 2023, through July 14th, 2026.

Class members who file a valid claim get an equal share of the fund after fees and costs are taken out.

Class counsel is asking the court for $666,666.67 in attorneys’ fees, or one-third of the fund, on top of reasonable costs and expenses.

Bank of America, one of the largest banks in the US, will pay current account holders with a credit to their account, while former account holders will get a check.

The deal only releases claims for statutory damages under the EFTA, not claims for the money people actually lost.

Bank of America has also agreed to change the written explanation it sends customers whose unauthorized debit card and ATM claims are denied.

Says the settlement website,

“Bank of America denies that it did anything wrong, but it agreed to the Settlement to avoid the uncertainties and expenses associated with continuing the case.”

Claims must be filed by December 11th using the ID on the postcard or email notice that the class members received.

The final approval hearing is set for January 4th, 2027.

The Daily Hodl first covered the lawsuit when it was filed in May of 2024.