BofA’s auto pay has long been criticized, with frequent cases where payments failed or the payment amount was incorrect. Sure enough, this feature ended up facing a class action lawsuit. As usual, BofA denied any wrongdoing but agreed to pay a settlement. The final payout amount will depend on the additional interest each person incurred because of problems with this feature. No claim is required for this class action settlement; payments will be sent automatically.
Based on this explanation, it appears that switching from paying the amount due to paying the full account balance did not work correctly. As a result, cardholders may have avoided only the late fee, while the remaining balance continued to accrue interest.
The Class is made up of any current or former Bank of America credit card holder who was enrolled in the bank’s eBill AutoPay for their credit card, selected the “Amount Due” payment option between June 3, 2014, and March 7, 2021, and as of May 21, 2021, switched their payment option from “Amount Due” to “Account Balance” after making an “Amount Due” payment and being assessed interest.
The timeline is as follows:
- Final Hearing: 11/17/2021
- Settlement Website: CreditCardAutoPaySettlement.com
- The deadline to opt out of or object to the settlement: Sept. 11, 2021.