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This settlement is closed!
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Bank of America agreed to settle a class action lawsuit that accused the financial giant of unfairly collecting overdraft fees on debit card transactions.
Lead plaintiff Sherry L. Bodnar claimed that Bank of America charged overdraft fees to customers through assessments of their accounts that actually contained enough money to pay for the transaction.
The settlement agreement was reached after extensive negotiations between both parties. Under the terms, Bank of America will set aside $27.5 million for consumers who were charged an overdraft fee when their account had enough funds to cover the transaction.
Class Members will automatically receive benefits from this settlement unless they opt out no later than June 6, 2016.
Who’s Eligible
Bank of America settlement Class Members include all individuals in the U.S. who had a BofA consumer checking account and were charged an overdraft fee between May 25, 2011 and Feb. 5, 2016 on transactions that were authorized and approved when sufficient funds were available to cover the amount.
Potential Award
Varies.
The Bank of America class action settlement fund of $27.5 million will be divided with all Class Members based on the amount of overdraft fees each individual paid.
Proof of Purchase
N/A
Class Members don’t have to file a Claim Form or provide a Proof of Purchase, they will automatically receive a payment or account credit if the court approves the settlement at the final hearing.
Frequently Asked Questions
Exclusion Deadline
06/06/2016
Case Name
Sherry L. Bodnar v. Bank of America NA, Case No. 5:14-cv-03224, in the U.S. District Court for the Eastern District of Pennsylvania
Final Hearing
08/03/2016
UPDATE: On August 4, 2016, the court granted final approval of the Bank of America Overdraft settlement.  Let Top Class Actions know when you receive a check in the comments section below or on our Facebook page.
UPDATE 2, August 23, 2016: Appeals have been filed in the Bank of America Overdraft settlement. Claims will not be paid until all appeals are resolved. Top Class Actions will continue to provide updates as we learn more. Â
UPDATE 3: On September 7, 2016, the appeals were dismissed. Per the settlement website, account holders were issued credits on September 19, 2016. Class members that no longer have accounts will be issued checks in October 2016. Let us know when you receive a check in the comments section below or on our Facebook page.
Settlement Website
Claims Administrator
Bank of America Overdraft Litigation
PO Box 4178
Portland, OR 97208-4178
1-866-960-5963
info@BankofAmericaOverdraftSettlement.com
Class Counsel
Hassan Zavareei
Jeffrey Kaliel
TYCKO & ZAVAREEI LLP
Jeffrey M. Ostrow
Jason H. Alperstein
KOPELOWITZ OSTRO PA
James C. Shah
Natalie Finkelman Bennett
SHEPHERD FINKELMAN MILLER & SHAH LLC
Defense Counsel
Jessica Kaufman
Michael B. Miller
MORRISON & FOERSTER LLP
Andrew J. Soven
Jenai St. Hill
REED SMITH LLP
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96 thoughts onBank of America Overdraft Fees Class Action Settlement
So they took over $7000 in overdraft fees from me in the last year and I get $6.00 back that is ridiculous why even sue them for nothing.
Criminal,, you are not alone!!!!!! Such obvious thievery going on with this corporate monster! Lot of
consumers are going to credit unions, where the practice of stealing is not rampant!!!!!!
Emma, you are right! Just more of a horrible nightmare, on us that are a part of this supposed class
action! I’ve had thousands taken from me, if this is all about single digit figures, just FML!
Their lawyers and accountants weigh the possible cost of a lawsuit against the money they will actually make off of these illegal acts. They make billions off these overdraft charges and only have to pay a few measly million of it back. They probably even have an account set up where they stored the predicted amount that they would be required to pay back.
I was a member of bank of America for many years and many overdrafts that were incorrect. I also had someone use my old (after it had been removed from the account) bank card to take out $106 out of my account. I spent over 3 hours on the phone with the fraud department and they even three-way called the company that took the money. My name, account number, and bank card number were not even in their system. After BoA refunded my money and I signed and sent the paperwork back, they said it was unfounded and took the money back. By the time they were done with overdrafts, the account was a few hundred in the red. They would not reverse any of it. I changed to a much better, local bank. I have not had but one issue with the new bank and it was corrected promptly. BoA is a joke of a bank and horrible for anyone who has ever been a member/client.
When do we get our $7 – it will be coffee courtesy of BoA @ Starbucks — wt a life-
Teresa, you seem to be the only one that understood what I wrote about us getting $6 or $7 if we’re lucky. Below, there are some comments about more delays caused by BOA appealing certain parts of the agreement, so we won’t be getting that free small Starbucks coffee just yet
Kelly Smith – Same here. BOA is STILL up to no good – reordering largest charge(s) first to generate maximum overdraft fees – which they deny. But I have documented proof. And since they refuse to refund – I may want to file another suit .
They are still shady as sh*t and pulling this BS. I was on the phone with them just today, as they charged me 4 overdraft fees because they chose to deduct the largest charge first to make my account go under and then charged me an overdraft fee for each smaller charge that followed. I have banked with them for 11 years and they offered to reverse ONE of the four charges.
When will we revive the payment
UPDATE: On August 4, 2016, the court granted final approval of the Bank of America Overdraft settlement.  Let Top Class Actions know when you receive a check in the comments section below or on our Facebook page.
Any update on this settlement, since the final hearing was on yesterday, August 3, 2016.
There are 3 million people in the lawsuit. I think each of us will get $7 if we’re lucky.
The final hearing is 08/03/2016….. i am curious how much of the hundreds of dollars we’ve been charged by the shady practices of BOA that we will actually receive back…. this is not the first time and i am sure it wont be the last.. member since 1992…
$27.5 million minus 33% for lawyers. That’s 27.5 -9 = 18 million divided by 3 million victims… You’ll get $6 if your lucky buddy
Over a year ago I filled out the contract info regarding a class action against boa overdraft fees. They got me for over$200 in fees from a overdraft for planet fitness autodraft. I had less than the $19 and they didn’t even pay it but charged a overdraft then a penalty for being overdrawn. I was never contacted by anyone. Why even have that on here if nobody is going to reply but then you can join a class action you suggested. Nice.