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Nineteen months after a court approved a $410 million class action settlement with Bank of America over improper overdraft fees, lawyers for the plaintiffs state they still have $90 million left over and can’t find enough Class Members to complete the payout.
Senior U.S. District Judge James Lawrence King, who presided over the case and approved the deal in 2011, is not happy with this update. He has ordered the lawyers to double their efforts to find more Class Members. King also reversed his approval of a $35 million cy pres award, and awarded it to the class action members instead.
Judge King approved the $410 million Bank of America overdraft settlement in November 2011. This class action lawsuit affects more than 13 million Bank of America customers who had debit card overdrafts during the past decade.
Plaintiffs in the class action lawsuit alleged that Bank of America processed its debit card transactions in the order of highest to lowest dollar amount in order to maximize profit collection from overdraft fees. An overdraft occurs when the customer does not have enough money in their account to cover a debit card transaction. Overdraft class action lawsuits have been filed against more than 30 other banks.
Judge King ruled that the agreement was fair and reasonable to both parties, despite drawing some criticism from some of the plaintiffs because they would only receive a fraction of what they paid in overdraft fees. The fees were usually $35 each.
According to BofA’s attorneys, 13.2 million Bank of America customers who had debit cards between January 2001 and May 2011 would receive compensation from this class action settlement. Those who still have accounts would have the money automatically credited, while others would receive a check by mail. None of the customers had to take any action or fill out any paperwork. Checks from the Bank of America overdraft settlement were mailed in November 2012.
Unfortunately, allegations of Bank of America overdraft abuse are not uncommon. American banks garner huge profits in overdraft fees, and often fight tooth and nail to keep it as such. According to a June 2013 Consumer Financial Protection Bureau report, 61% of bank profits from consumers come from overdraft and insufficient fund fees.
Despite the class action settlement, Bank of America insists there was no wrongdoing or improper conduct with their overdraft policies. New regulations that were created following the recent financial crisis now prohibit banks from charging overdraft fees on debit cards without getting customer permission.
Many consumers and advocates are fighting for an outright ban on banks from allowing their customers to withdraw more money than they have in their accounts. This tactic costs consumers $225 per year in fees on average. These overdraft fees are big business for banks, however, which has led many of these banks to employ deceptive practices to maximize the number of overdraft fees they charge.
If you were charged an overdraft fee by Bank of America after June 2011, you may have a legal claim. Please visit the Bank of America Overdraft Class Action Lawsuit Investigation. There, you can submit your claim for a free legal review and if it qualifies for legal action, a skilled overdraft lawyer will contact you for a free, no-obligation consultation. You will be guided through the litigation process at no out-of-pocket expenses or hidden fees. The overdraft attorneys working this investigation do not get paid until you do.
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136 thoughts on$90M Unclaimed in Bank of America Overdraft Class Action Settlement
And people that got any money how much did they get
My brother got a 900 dollar check today
I receive a post card but haven’t rececive any money
In August of 2013 , I received a check from The Bank of America Fair Fund for $44.93..( control number 112283513 ).. I never cashed the check …still have it..actually I personally did not receive this check until July 21st of 2018 . Long story as to why ..but in view of the fact that I was a shareholder and that this check was a distribution payment from the fair fund established by the Securities and Exchange Commission in connection with ..Alliance Premier GR ..”in the matter of Banc of America Capital Management LLC, BACAP Distributors, LLC, and Banc of America Securities LLC., Respondents”..am wondering if you could reissue a check for same amount ..$44.93 ?… Thanks Robert.
What ever became of this? I was a customer, but never heard of this particular lawsuit. I’m sure it’s too late but would love to know the outcome from it.
From what I understand people are starting to receive letters in regards to this. That’s exactly why I’m looking it up, because I too was a customer of theirs.
I was part of the class action suit. I lost touch for a while but now have discovered the lawsuit was settled. I have moved several times since first initiating my part in the class action. Bank of America consistently charged me overdraft fees, they diliberately paid my bills coming in before crediting my account from my direct deposit paychecks, making my account appear it had insufficient funds, thereby charging multiple unwarranted overdraft fees. Then only after payment of checks coming in for payment on the same day of direct deposit would B of America credit my paycheck to my account and proceed to take their bogus over draft fees out of my paycheck. Can you please tell me who to contact for administration of my part of the settlement.
Go and checked unclaimed money
I got a post card in 2011 and never received any money. Who can I contact to find out why I haven’t received a check.
You’ll need to try and contact the settlement administrator for the original settlement. Rust Consulting: http://www.rustconsulting.com/. Good luck and please keep us posted!
If anyone knows of a class action lawsuit over BOA “extended” overdrafts PLEASE post the link here!!
Waiting too!!! ??????
I should have been a part of this and never received any correspondence. Although Ive moved about 3 times since having this account. I think its bogus that lawyers cannot find consumers. When we owe you money, you use our SSN to pull our credit reports and send collection notices to the most recent address. If were entitled to settlement dollars, you should do the same…346 River Oaks Drive, Destrehan, LA
Bank of America took hundreds of dollars from me, but it was before 2011. So I am ineligible to receive a $6.00 check.