You might be entitled to compensation if you used to bank at this establishment in Montana.

Many folks have problems with banks and some unnecessary fees they hit people's accounts with for no reason. Transfer, late, and other fees affect people daily, and it's been a sore subject for years.

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Now we have news that one bank will have to repay their customers for their junk fees, and it's great to see.

Photo by Alexander Mils via Unsplash
Photo by Alexander Mils via Unsplash

The Associated Press reports that Bank of America will have to pay out $100 million to its customers for fees that were exploitative by the bank. These fees were associated with declining transactions. The costs were around $35 per declined transaction and built up if you didn't repay it within a few hours.

Bank Of America Sees $15 Billion In New Deposits After Silicon Valley Bank Collapse
Spencer Platt/Getty Images

This isn't the first time the Bank of America has had issues. The bank was hit with a massive fine years ago for credit card fees that were deemed unnecessary.

Here's the thing, Montana currently has zero Bank of America locations. The location in Bozeman closed years ago, and many folks have switched banks.

What does that mean for Montanans? You can still claim a refund.

Bank Of America's Earning Exceed Analysts' Expectations
Brandon Bell/Getty Images

All you have to do is visit the Consumer Financial Protection Bureau website and fill out the information to collect your refund. You put in your new bank information and receive your refund.

Several nationwide banks have been under the scope of the Biden Administration and the predatory banking fees they have subjected their customers to for years, and now they finally have to pay their fair share. There might be more news on the way.

For more details, check out the Associated Press.

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