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What you need to know to get money from the settlement with BancorpSouth Bank for alleged discrimination

As part of a settlement with the Bureau and the Department of Justice, BancorpSouth Bank (BancorpSouth) agreed to provide redress to African-American consumers identified as harmed by its alleged discrimination in mortgage lending between 2011 and 2015. The BancorpSouth Settlement Administrator recently mailed participation packets to identified consumers with instructions for how to take part in the settlement. If you think you are eligible, you should look for a packet in the mail and follow the instructions. The packet will include information about the program, including a personalized estimate of the amount of money you may be eligible to receive. 

You can find more information about the government’s claims and the settlement on the Bureau’s website

How to respond if you get a participation packet

The participation packet will tell you what you must do to take part in the settlement and receive your payment. To get your payment, you should follow the instructions in your packet, including returning any forms. You can return any forms by: 

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  • Mail
  • Email
  • Online submission through the administrator’s website
  • Fax

Just follow the instructions on the form. Be sure to submit any forms by Oct. 18, 2018. 

What to do if you think you are eligible but do not get a packet

If you don’t get a participation packet in the mail by July 20, 2018, but think you should get a payment from the settlement fund, you can call the BancorpSouth Settlement Administrator at 1-800-464-3215 to ask about your eligibility. You can also fill out a claim eligibility form for a determination of eligibility and submit it to the BancorpSouth Settlement Administrator by mail, email, or fax.

Beware of scams

When large numbers of consumers get settlement money, scammers sometimes pop up. Watch out for scammers claiming that they will help you for a fee or asking for your personal information in order to get your check. The scammer could be trying to steal your information. While you are always free to speak with a lawyer, you do not need to hire a lawyer or pay anyone a fee in order to take part in this settlement.

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As part of this settlement, the BancorpSouth Settlement Administrator, the Bureau, and the Department of Justice may contact you. You should treat any other contact claiming to be about this settlement as a scam. 

Please immediately report any scam to the BancorpSouth Settlement Administrator by calling 1-800-464-3215 or emailing [email protected]

This article by the CFPB was distributed by the Personal Finance Syndication Network.

The post What you need to know to get money from the settlement with BancorpSouth Bank for alleged discrimination appeared first on Personal Finance Syndication Network.




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