Bank of America has agreed to pay a hefty $2.85 million settlement to resolve allegations of violating New York's Exempt Income Protection Act (EIPA). Under the EIPA, creditors are prohibited from freezing bank accounts that contain less than a certain amount of money, known as the "exempt amount". However, Bank of America was accused of exploiting a loophole in the law by aggregating judgment debtors' accounts and using that total to calculate the exempt amount, instead of calculating it on a per-account basis. Moreover, the plaintiffs claim that the bank issued certified checks for exempt funds, rather than leaving these funds accessible in the account holders' accounts, while allegedly charging fees in violation of the EIPA. Despite not admitting any wrongdoing, the settlement will benefit Bank of America account holders who had their accounts restrained or levied upon between January 1, 2009 and February 17, 2023. Each class member can receive a cash payment based on the number of restraint fees they were charged, estimated to be around $35. Additionally, Bank of America has agreed to change its business practices.