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Bank of AmericaSome Bank of America customers will be receiving checks in the mail this week from a nearly three-year-old class action settlement concerning improper overdraft fees.

The money is from a $410 million class action lawsuit settlement reached in 2011 over allegations that Bank of America manipulated debit transactions to maximize the fees the bank could charge to customers who overdrew their bank accounts.

Many Bank of America customers who were still active account holders at the time automatically received their refund from the class action settlement credited to their bank accounts on or about Nov. 2, 2012, while former customers received their refund in the form of a check mailed by Nov. 30, 2012.

This final wave of distribution from the Bank of America overdraft settlement was initiated on Feb. 14, 2014, as part of an Aug. 1, 2013 Court order approving the distribution of cy pres funds and residual settlement funds to identifiable Class Members.

According to the order, approximately $35 million in unclaimed money was left over from the initial distribution of the class action settlement fund, largely from Class Members who either did not submit a Claim Form or who could not be located because their address and other electronic records had changed.

Under the initial class action settlement agreement, this left over money was supposed to be distributed to a cy pres (charity) program to benefit consumer financial literacy education, and to educate and assist consumers with financial services. On April 15, 2013, however, the Court ruled that this money should instead be distributed “in a manner that more closely advance[s] the interest of the Class; i.e., that they should be distributed to identifiable Settlement Class Members.”

Starting on Feb. 14, 2014, the Settlement Administrator, Rust Consulting, distributed the remaining $35 million class action settlement fund to Class Members who met the following requirements, under the direction of the Court:

  • Class Members who were “identifiable” via a valid mailing address on file with the Settlement Administrator;
  • Class Members who participated in the initial distribution from the Bank of America overdraft settlement by either receiving an account credit or cashing the mailed check they received from the class action settlement; and
  • Class Members whose additional distribution, based upon the provisions in the Order and the formula in the Settlement Agreement, is at least $5.00.

 

According to an update by Rust Consulting to the Bank of America overdraft settlement website: “The Settlement Administrator has made further efforts to identify current mailing addresses for those identifiable Settlement Class Members for whom a valid mailing address was not previously available or obtainable from public databases…. If you need to request a check reissue for any reason, you must do so by March 7, 2014. Any check reissue requests received by the Settlement Administrator after March 7, 2014 will not be honored. You may call 1-800-372-2390 to request a check reissue.”

Checks issued on Feb. 14 will become void after 60 days, on April 15, 2014. After April 15, these checks cannot be deposited or cashed. If you receive a February 2014 check from the Bank of America overdraft settlement, you must cash or deposit it immediately.

Class Members seeking additional information on their class action settlement check can find answers to their questions at the Settlement Website: www.BofAOverdraftSettlement.com.

The Bank of America Overdraft Class Action Lawsuit is part of the consolidated litigation called In re: Checking Account Overdraft Litigation, 1:09-MD-02036-JLK.

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45 thoughts onNew Checks Mailed in Bank of America Overdraft Class Action Settlement

  1. Wylunda Sadetra Webster says:

    I would have had several address changes since then. How do I change my address to make sure I receive my settlement?

  2. Buster Henderson says:

    I thought you were going to deposit the money to my account

  3. tom b. says:

    still waiting on my check..what’s going on ..the 1 800 # no longer in service…

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Please note: Top Class Actions is not a settlement administrator or law firm. Top Class Actions is a legal news source that reports on class action lawsuits, class action settlements, drug injury lawsuits and product liability lawsuits. Top Class Actions does not process claims and we cannot advise you on the status of any class action settlement claim. You must contact the settlement administrator or your attorney for any updates regarding your claim status, claim form or questions about when payments are expected to be mailed out.