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This settlement is closed!
Please see what other class action settlements you might qualify to claim cash from in our Open Settlements directory!
Bank of America NA has agreed to pay $66.6 million to settle a class action lawsuit alleging it assessed extended overdrawn balance charges that violate the National Bank Act’s usury limit.
If you incurred at least one $35 extended overdrawn balance charge in connection with your Bank of America personal checking account, you may be entitled to compensation from the BofA overdraft fees class action settlement.
According to the overdraft fee class action lawsuit, Bank of America wrongfully assessed customers “extended overdrawn balance charges” in addition to an initial $35 overdraft fee if the customer’s overdraft status remained in effect for five days.
“Unlike an initial overdraft fee, the Extended Overdrawn Balance Charge is an additional charge to a customer for which the bank has provided nothing new,” the plaintiffs allege in the Bank of America class action lawsuit. “The charge is based solely on the alleged indebtedness to the bank remaining unpaid by the customer for a period of time.”
Bank of America allegedly charged a $35 extended overdrawn balance charge on top of the initial $35 overdraft fee it charged when at the time the account funds were overdrawn.
Approximately 5.9 million consumers may qualify for benefits from the Bank of America class action settlement.
In addition to providing cash benefits or debt relief to eligible Class Members, Bank of America has also agreed to stop imposing extended overdrawn balance charges for a period of five years, according to the BofA class action settlement documents.
Bank of America has not admitted liability but agreed to settle the checking account fees class action lawsuit to avoid the cost and uncertainty of trial.
The deadline to exclude yourself from or object to the Bank of America class action settlement is April 20, 2018.
Who’s Eligible
Class Members include holders of Bank of America checking accounts who, between Feb. 25, 2014 and Dec. 30, 2017, were assessed at least one extended overdrawn balance charge that was not refunded.
Potential Award
Class Members may receive a cash payment, account credit or debt reduction payment. The amount of the award will depend on the number of extended overdrawn balance charges they paid and the total number of Class Members who are eligible for benefits from the BofA overdraft fee settlement.
Class Members who are current Bank of America checking account holders will have a cash award automatically deposited into their accounts. Former BofA checking account holders will receive their payment via check.
Debt relief will be provided to Class Members whose personal checking accounts were closed by Bank of America while they were in overdrawn status with an extended overdrawn balance charge still pending, and whose overdrawn balances remain due to BofA.
Proof of Purchase
N/A
FAQs
NOTE: If you do not qualify for this settlement do NOT file a claim.
Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.
Exclusion Deadline
4/20/2018
Case Name
Joanne Farrell, et al. v. Bank of America NA, Case No. 3:16-cv-00492-L-WVG, in the U.S. District Court for the Southern District of California
Final Hearing
6/18/2018
UPDATE: The Bank of America Overdraft Fees Class Action Settlement was granted final approval on August 31, 2018. There is a 30 day period in which appeals can be filed. Top Class Actions will continue to keep viewers updated.
UPDATE 2: On September 21, 2018, an appeal to the Bank of America Overdraft Fees Settlement was filed. Claims will not be paid until all appeals are exhausted. We appreciate your ongoing patience. Top Class Actions will continue to provide updates as we learn more.
UPDATE 3: The appeals to the Bank of America Overdraft Fees Class Action Settlement are still pending. Oral arguments took place on March 2, 2020. It is not known how quickly the Ninth Circuit Court of Appeals will issue a decision. It may take several more months. We appreciate your ongoing patience. Top Class Actions will continue to provide updates as we learn more.
UPDATE 4: On September 2, 2020, the 9th Circuit Court of Appeals affirmed the Bank of America Overdraft Fees Class Action Settlement final approval. This means that the settlement stands as is. It is not known at this time how quickly claims will be paid. We appreciate your ongoing patience. Top Class Actions will continue to provide updates as we learn more.
Settlement Website
Claims Administrator
EOBC Litigation
c/o Epiq
P.O. Box 3170
Portland, OR 97208-3170
1-888-396-9598
Class Counsel
Hassan Zavareei
TYCKO & ZAVAREEI LLP
Jeff Ostrow
KOPELOWITZ OSTROW PA
Bryan Gowdy
CREED & GOWDY PA
Cristina Pierson
John R. Hargrove
KELLEY UUSTAL PC
Defense Counsel
Matthew C. Close
O’MELVENY & MYERS LLP
Join a FREE Bank & Credit Union Overdraft Fee Class Action Lawsuit Investigation
If your bank and credit union has engaged in deceptive overdraft fee practices, you may have a legal claim. Some banks and credit unions are being investigated by the attorneys who work with Top Class Actions.
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1,809 thoughts onBank of America Overdraft Fees Class Action Settlement
I apply when they send me a card in 2016 i fill it out i now move since then my new address is 4115 mcpherson ave apt 104 St Louis Mo 63108
Hi what’s going on are we getting any money from the law suit against bank Americans
Where and when…is what. We’re all wanting to hear.
The right exposure will bring out actions and answers…..
Work together!
I thought the governor said banks shouldn’t charge overdraft fees during this terrible time. This shows how much BOA cares about their customers.
I tried to call that number but it is now out of service.
Such bs I received a peace of mail saying we was getting $5000
When you called what informs did they give you?
I watched what I could of the Joanne Farall vs boa on YouTube . I see that he is right .they did say that we would be getting $1.70 and that is terrible there is no points to the debt relief they were trying to get us to have the Deppe relieved of 29 million in the funding of what we are supposed to get back but for some reason the lawyer was being dumb and didn’t know what he was talking about for instance when the judge asked him how much hours the lawyers were supposed toHave done they he would not answer the question it seems that the lawyers only did about 2000 hours . From what I understand the lawyers are getting most of our money .since they can’t do anything about the lawyers fees he was trying to get us to get the money from the debt relief I honestly wanna understand why we can’t just get the $5000 we saw .that would just be The best thing to happen. The 29 million should definitely go towards the funding that way the class members left would get the $5000 or something close to it. If you have all of these meetings just to give the lawyers some money then what was the whole point. I think that stopping funds on the Fees was doable enough and I think that using the Deppe relief 29 million as the funding source for each class member to get something back is better I hope that the judges see that Thiers something wrong and they correct the situation but with the lawyers fees they should probably get what they work for and nothing more. And I also believe that we should get maybe 1 million of debt for each class member and about 28 million of that should go towards the funding source for our cash especially since 93% are in the cash flow.
To view the video I googled Farrell v BOA, youtube
really, thats a load of bs. i remeber I revieved an email saying the mimimum a person would het is 5k. I dont have access to this email any longer
There is an update #3 in red above on this page. This is such BS. I feel bad for everyone.
That’s is 100 % true. I also received the same email and it stated 500-5000 dollars per class member. It was the original notification email sent letting members who were involved know. There has to be a way to get the original email/notification.
I actually have got the same email still.
The $5000 is for the class members who initiated this lawsuit, the rest of us are supposedly only getting $1.70.
From the information on a video of the proceedings in the district court for this lawsuit, the court is still trying to make a decision for Farrell v. BOA. The three judges on the panel seem to be fair and are asking good questions of BOA. I especially liked Judge Kleinman. The main reason this is taking so long is because Rachel Treatt and her attorney are questioning why attorney fees are so high and they will be getting the majority of the money . Another point brought up by Ms Treatt’s attorney is that as it stands right now, class members would only be receiving $1.07 per class member, which is unfair to class members.