Bank of America Overdraft Fees Class Action Settlement

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

No Claim Form is required, Class Members will automatically benefit from this settlement unless they opt out. More information about the settlement can be found on the FAQ section of the settlement website (link below).

FREQUENTLY ASKED QUESTIONS »

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

www.EOBCSettlement.com

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

LEARN MORE