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Bank of AmericaBank of America was recently ordered to pay out $410 million to customers as part of a class action lawsuit settlement concerning improper overdraft fees. As one of the banking giants, thousands of people were impacted.

It’s well-known that banks get money where they can, whether it’s in overdraft fees or fees charged to transfer funds or minimum balance requirements. Plaintiffs in the Bank of America overdraft class action lawsuit, however, claimed the overdraft fees were excessive and even predatory. Now Bank of America is being investigated for potentially committing new violations with its overdraft policy.

BoA Overdraft Complaints Continue

Some customers complain that the bank seems to hold off on processing a purchase, even when there’s plenty of money in the account. This hold method is often touted as normal procedures, but it can also cause customers to over-spend if they don’t keep a close eye on their accounts. The overdraft fees are also tacked onto late fees, and a simple double purchase can lead to well over $100 in fees. If a customer isn’t checking their accounts, they might be in for a nasty surprise.

Other customers have complained that if they don’t pay the fees right away, the late fees will continue to grow. This can be a vicious cycle, especially for those on a tight budget. Of course, overdraft fees usually won’t happen if people keep a buffer in their account — but on the other hand, BoA has shown evidence of maximizing profits whenever possible. Most banks depend on fees for well over 50 percent of their revenue, including BoA.

Take Legal Action

Were you charged an overdraft fee by Bank of America after June 1, 2011? You may be eligible to participate in a free investigation spearheaded by consumer advocate attorneys looking for people just like you. Learn more at the Bank of America Overdraft Class Action Lawsuit Investigation.

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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.