McCune Wright Arevalo, LLP, Is Investigating Bank of America for Failure to Credit Customers’ Interest

McCune Wright Arevalo is investigating Bank of America to determine whether it is failing to credit its customers interest as discussed below, and whether there should be a class action to recover that interest.


Banks May Have Been Unjustly Retaining Millions of Dollars from Customers’ Interest-Bearing Accounts

Many banks offer their customers checking and savings accounts, many of which are interest-bearing, and governed by Deposit Agreements – contracts that dictate the terms of the relationship between the bank and its accountholders, which typically dictates that:

  • These accounts earn a variable rate of interest, meaning that the rate changes from time to time, and that the bank may change the interest rate on the account.
  • Banks may disclose a daily method of paying interest on each account. This may be expressed as a fractional such as “1/365,” because there are 365 days in a year, or 1/366 in a leap year, such as in 2020.

These institutions promise to pay daily interest on the funds in your account. However, when an accountholder transfers money to another bank or financial institution, there often is a gap of up to three days between when the money electronically leaves one account until it hits the other account. In the meantime, the banks deduct the amount being transferred from the account and do not pay interest on that amount. While these may be small amounts on a per-transaction basis, banks and other financial institutions may be retaining tens, if not hundreds, of millions of dollars in the aggregate using this practice. Financial institutions should be paying you every dime you are owed pursuant to your contract with them.


How Do I Determine if Bank of America is Failing to Credit My Interest?

The best way to determine if Bank of America has been withholding interest collected on your transfers or deposits is to contact McCune Wright Arevalo, LLP at (800) 391-4233 and have one of their financial services class action specialists review your statements.


Is There Any Cost or Risk in Contacting McCune Wright Arevalo, LLP?

Absolutely not. The financial services class action specialist will review your transfers and deposits and advise you if you have a case. If you do have a potential class action case, and decide to go forward with a lawsuit, it will be on a contingency basis where attorney fees and costs are only paid if the lawyers win, and then the attorney fees and costs are awarded by the Court and paid out of any recovery made in the case.


Why McCune Wright Arevalo, LLP is the Right Firm for Your Class Action Lawsuit

For almost 15 years, Richard McCune and McCune Wright Arevalo, LLP have been the leaders in the Country in class action litigation against banks and credit unions for unfair and illegal practices. They have helped customers of banks and credit unions collect more than $1 billion in settlements and verdicts, including being co-trial counsel in a $203 million verdict against Wells Fargo. They have been counsel in more than 50 class action overdraft cases filed in over 20 states. They have a long track history of success and have a financial services class action team that is dedicated to holding banks and credit unions responsible for unfair and illegal practices.


What Is the Best Way to Contact McCune Wright Arevalo?

The best way to contact McCune Wright Arevalo is to fill out the form and a financial services class action specialist will contact you right back. We will send you a text prior to calling so you’re aware it is us calling. But if you would rather call us instead of filling out the form, please call (800) 391-4233.


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