Ah, the illustrious Bank of America, that paragon of virtue, has graciously decided to part with a mere $2.85 million, a sum that would make even the most frugal of souls raise an eyebrow. How noble! 🧐
In a delightful twist of fate, a class action lawsuit has revealed that our dear BofA may have, in a moment of sheer oversight, violated New York’s Exempt Income Protection Act (EIPA). It seems they were rather careless with the fees, akin to a child with a cookie jar, charging improper fees to those unfortunate souls who found themselves under court-ordered restraints. 🍪
Specifically, the lawsuit alleges that BofA, in a fit of mathematical mischief, grouped multiple accounts together before calculating the legally protected funds. This led to a rather unfortunate situation where more funds were frozen than the law would allow. Who knew banking could be so… chilly? ❄️
Moreover, it appears that BofA, in their infinite wisdom, chose to send checks for the exempt amounts via the slowest of postal services. This left class members in a state of suspense, waiting for their much-needed funds like a child waiting for Christmas morning. 🎄
In a move that can only be described as a masterclass in public relations, BofA has agreed to the settlement without admitting to any wrongdoing. They have also promised to change their ways, which is rather like a leopard promising to change its spots. The changes include:
- Ceasing the aggregation of accounts when calculating the legally protected funds. Hooray for clarity! 🎉
- Informing account holders of their rights if their accounts are restrained. A novel idea, indeed! 📜
- Stopping the practice of issuing checks for exempt funds, allowing customers to access their money as they please. Debit cards, online transfers, oh my! 💳
But fear not, dear reader, for this settlement is still subject to the approval of the court. One can only hope that justice, like a fine wine, will be served in due time. 🍷
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2025-04-12 03:21