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A federal judge gave final approval Monday to a $410 million class action lawsuit settlement with Bank of America (NASDAQ: BAC) for charging excessive overdraft fees to millions of debit-card customers.
U.S. District Judge James Lawrence King approved the Bank of America overdraft fee settlement, which will give over 13 million account holders as much as 45 cents on the dollar for each overdraft they incurred between 2001 and 2011. The typical overdraft fee charge by Bank of America is $35 per occurance.
The Bank of America overdraft fee class action lawsuit claimed BofA processed its debit card transactions in the order of highest to lowest dollar amount so it could maximize the overdraft fees customers paid. It also charged the bank with waiting to process charges until days after a purchase was made, when users’ accounts were depleted. Similar class action lawsuits have been filed against more than 30 other banks, including JPMorgan Chase, Citigroup, Wells Fargo and Union Bank, which recently agreed to a $35 million class action settlement.
The $410 million Bank of America class action settlement is one of the largest settlements ever in a consumer case.
Nearly 13.2 million Bank of America customers who had debit cards between January 2001 and May 2011 will receive some sort of payment from the Bank of America overdraft fee class action settlement. Those who still have accounts will automatically receive a credit, while others will get a check mailed to them. No one will have to take any action or fill out any paperwork to receive their settlement benefits.
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42 thoughts onJudge Approves $410M Bank of America Overdraft Fee Settlement
Well, it’s been 2 1/2 years since Judge approved $410M BofA overdraft settlement. I finally got my settlement check…$8.02!!!! I queried Quicken to find how much I paid in Overdraft Fees from 2004-2011. $904…most of which was due to rescheduling debits from greatest to least. Were talking about $35 overdraft fees to purchase a pack of gum or buy a coffee. I had 11 $33 overdraft chargea in one day because it took an extra day for a deposited check to clear. The article above states, ” [Settlement] will give over 13 million account holders as much as 45 cents on the dollar for each overdraft they incurred between 2001 and 2011.” I received $0.008 cents on the dollar. $90M still left in the settlement fund. Does that mean I’ll get an extra dollar? What a joke.