As of March 2026, the Consumer Financial Protection Bureau (CFPB) continues to oversee the massive $250 million enforcement action against Bank of America. If you were a victim of “double-dipped” NSF fees or unauthorized credit card accounts, your refund check averaging $150 for many households could be arriving this month.
Following a multi-year investigation, federal regulators found that Bank of America systematically harmed hundreds of thousands of customers by charging multiple $35 fees for the same declined transaction. Additionally, the bank was caught withholding promised credit card rewards and opening “fake” accounts without user consent to meet aggressive sales goals.
The 2026 Payout Status: How to Get Your Money
Unlike typical class actions where you must file a complex form, the CFPB has ordered Bank of America to identify and compensate victims automatically:
- Current Customers: Look for a credit labeled “REMITTANCE” or “SETTLEMENT ADJ” in your transaction history. Most of these credits were processed throughout late 2025 and early 2026.
- Former Customers: If you closed your account, the bank is required to mail a check to your last known address. If you have moved, you must contact the CFPB Victims Relief Fund or the bank’s dedicated settlement line.
Why $150? The Impact of “Double-Dipping”
The “double-dipping” scheme occurred when a merchant resubmitted a declined transaction. BofA would charge a $35 Non-Sufficient Funds (NSF) fee on the first attempt and another $35 on the second, even though the consumer had no control over the resubmission. For families living paycheck to paycheck, these “junk fees” often snowballed into hundreds of dollars in debt.
New 2026 Class Action: The “Auto-Pay” Double Billing
While the 2023-2024 settlement is being paid out, a new class action was filed in late 2025 (Sdoucos v. Bank of America). This case alleges that BofA’s automatic payment system is still double-billing customers who pay their balance mid-cycle. If you experienced a duplicate withdrawal in early 2026, you may be eligible for a new round of compensation.
How to Protect Your Account from Junk Fees
The CFPB has proposed a new rule for 2026 that would cap most bank overdraft fees at $3, $7, or $14. Until then, Bank of America has voluntarily reduced its fee to $10, but consumers are encouraged to:
- Enable Low Balance Alerts: Get a text when your account hits $20.
- Opt-Out of Overdraft Protection: This ensures your card is simply declined instead of incurring a fee.
- Report Violations: If you see a duplicate fee, file a complaint directly on the CFPB website.
Sources & Legal References:
- CFPB Newsroom – Bank of America Enforcement Action (July 2023/2026 Updates)
- TopClassActions – BofA Overdraft & NSF Fee Settlement Status
- Office of the Comptroller of the Currency (OCC) – Consent Orders regarding BofA Fees