Bank of America faced a class action lawsuit over repeated fees charged to customers for insufficient funds transactions 

The fees in question included Non-Sufficient Funds (NSF) fees and check overdraft fees 

Bank of America has agreed to pay out $8 million as part of a settlement to customers who were not already refunded for the repeated fees 

The bank will also abandon duplicate fee penalties for re-presented payments for a minimum of five years 

Customers with Bank of America consumer checking and/or savings accounts who incurred repeated fees between May 19, 2017, and February 16, 2023, are eligible for compensation 

The exact amount of compensation will depend on the number of eligible members, with the remaining settlement funds divided on a pro rata basis 

Claimants do not need to take any action to receive payment unless they choose to opt-out of the settlement to retain the option of filing a separate lawsuit against the bank 

The deadline to opt-out or file an objection with the court is June 24, 2023