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Are you a former BankBoston customer? Do you want $25?

August 29, 2005

If you once banked with BankBoston, you could be eligible for part of a recently reached settlement:

QUINCY, Mass. — Former BankBoston customers may be eligible for payments of $25 apiece under the settlement of a class-action lawsuit alleging customers were notified too late about merger-related changes involving fees and minimum balance requirements.

BankBoston was absorbed five years ago by the former Fleet National Bank, which in turn was acquired by Charlotte, N.C.-based Bank of America Corp. last year.

Under a settlement reached earlier this year, Bank of America has agreed to pay up to $12.5 million to settle with former BankBoston customers in 68 communities, mostly in the Boston area, the South Shore and Cape Cod, The Patriot Ledger reported Monday.

The lawsuit filed in 2001 alleged that BankBoston customers were told too late about new fees and minimum balance requirements after the purchase by Fleet. Federal law requires that bank customers receive at least 30 days’ notice about “adverse” changes to their accounts.

Bank of America is notifying former BankBoston customers who may be eligible via newspaper ads and mailings to many former BankBoston customers. If too many come forward to seek payment, they will receive less than $25 apiece from the settlement fund.

Comments

3 Responses to “Are you a former BankBoston customer? Do you want $25?”

  1. anne nicholas on September 15th, 2005 10:32 am

    How do I obtain a claim form?

  2. George D Annas on November 3rd, 2005 10:45 am

    I received the form in the mail but lost it, how do I get another one?

  3. Joanne on November 8th, 2005 7:51 am

    You can find the form at www.changeintermsettlement.com — or call 1-800-593-4206

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