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Bank of America has agreed to pay $27.5 million in order to settle a class action lawsuit stemming over allegations that the bank unfairly charged overdraft fees for debit card transactions on accounts that contained enough funds to cover purchases.
Lead plaintiff Sherry L. Bodnar filed the Bank of America class action lawsuit in 2014 seeking reimbursement for the overdraft charges she claims were imposed upon her through a misleading assessment of her bank account which actually had sufficient funds to pay for the transaction.
According to the Bank of America overdraft fee class action settlement, the parties engaged in extensive negotiations in order to reach the terms of the settlement agreement which is anticipated to include three million Class Members.
Bodnar urged the court to approve the Bank of America class action settlement stating that “The Settlement was reached only after strongly contested litigation and extensive discovery over nearly two years—and is the result of arm’s length, good faith negotiations between the parties, including, most recently, negotiations moderated by both Magistrate Judge Wells and the highly experienced mediator Judge Phillips.”
Under the Bank of America settlement agreement, none of the $27.5 million will go back to the bank in any way. Although potential Class Members will receive a portion of the settlement fund depending on the number of overdraft fees they were charged, no one will get a payment less than $5.
The BOA overdraft fee class action settlement will also award Bodnar no more than $20,000 for her involvement in the case as well as up to 33 percent of the total funds going toward the counsel for the proposed class.
Bodnar accused the banking giant of violating state consumer protection laws as well as breaching the contracts of Bank of America account holders. She has asked the court to set a hearing on final approval of the settlement for no later than June.
The Bank of America class action lawsuit settlement will include all BOA checking account holders within the U.S. who were charged an overdraft fee on transactions that were authorized and approved when sufficient funds were available since May 25, 2011.
More information about the Bank of America overdraft fee class action settlement was not immediately available. Keep checking TopClassActions.com or sign up for our free newsletter for the latest updates. You can also mark this article as a “Favorite” using your free Top Class Actions account to receive notifications when this article is updated.
Plaintiffs are represented by Hassan A. Zavareei and Jeffrey Kaliel of Tycko & Zavareei LLP, Jeffrey M. Ostrow of Kopelowitz Ostrow PA, and James C. Shah of Shepherd Finkelman Miller & Shah LLP.
The Bank of America Overdraft Fee Class Action Lawsuit Settlement is 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.
UPDATE: On Mar. 29, 2016, the Bank of America overdraft fee class action settlement is now open! Click here for more information or visit www.BankofAmericaOverdraftSettlement.com..
UPDATE July 22, 2016: A class member filed an objection, arguing that the settlement is too small and attorney fees are too high.
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22 thoughts onBank of America Agrees to $27.5M Overdraft Fee Class Action Settlement
Still haven’t received mine, and if its only 5 dollars then what was the point? Wow I see why everyone is going to credit unions. I also have as well. Tired of being robbed from my hard working dollars. This is truly insane
I Paid close to $1,000 in Fees and only get a $5.00 Check who are the real thieves here the bank or the attorneys and mediator’s / Judges who are most likely on the banks Private Monetary Payout list for future services. What’s up with this Bodner woman Getting $ 20,000 dollars in the Settlement I Bet she didn’t pay that much in fees if this is suppose to be a settlement to make things right then where is the money I paid in fees and the lawyers should be paid by the bank not by the settlement meant for the people who had their money stolen by the bank and who goes to jail for the theft of these funds. If it was any one of us who stole from someone we would sure end up in jail. Why was I not contacted before they agreed to what each person was to be paid as a plaintiff I think it is my right to Disagree with the lawyers selective math to maximize their take of money that was never meant for their pocket because the were never the ones stolen from where is the justice in this Settlement. Once again the people who were stolen from by the banks are again stolen from by the lawyers and judges. Please if anyone know of a way we can contest what it is we as individuals receive in this settlement Please let all the real Victims Know what we need to do
$5.00 check received on 10/24/16. What a joke!!! I also paid hundreds of overdraft fees, the bank took out money for incoming checks and/or debit transactions BEFORE crediting deposits!!!
I agree that this is bs, it should be figured in and paid back accordingly with the fraudulent fee amount the bank charged individual class action members!!!
Note:. Do not cash your $5.00 check or you will have no recourse!!!! What a joke!!!
I received a credit yesterday for $5. Nothing compared to the fees I’ve been charged.
I got no credit and I paid a ton of fees in those timeframes. Is it exactly on September 19th? I find it hard to believe I got no credit considering the fees I’ve paid .
Has ANYONE received a credit ?
$5.00 check received on 10/24/16. What a joke!!! I also paid hundreds of overdraft fees, the bank took out money for incoming checks and/or debit transactions BEFORE crediting deposits!!!
Please update as to when payments will be mailed or is there a phone we can call?
I check my account everyday, hoping to see a credit- LOL!
When will we see payment
When will we revive the payment
UPDATE July 22, 2016: A class member filed an objection, arguing that the settlement is too small and attorney fees are too high.
What will individual suit cost ? What…so you end up with a $10.00 check???!
Well, I just got my $5 check. Happy days are here again.
I received a post card how do I find out if I’m entitled tot he settlement
I am trying to find that out now.
UPDATE: On Mar. 29, 2016, the Bank of America overdraft fee class action settlement is now open! Click here for more information or visit http://www.BankofAmericaOverdraftSettlement.com.