Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.
Follow us on Twitter and Facebook for the latest Class Action Settlement News!
MORE DETAILS RELEASED 7/14/2011 – WEBSITE TO SUBMIT A CLAIM
BofA to Pay $410 Million Overdraft Fee Class Action Settlement
By Sarah Pierce
UPDATE: Refund checks from the Bank of America Overdraft Class Action Lawsuit Settlement are in the mail!
Bank of America has agreed to pay $410 million to settle its part in a class action lawsuit that accuses it and more than two dozen other lenders of manipulating debit transactions in order to charge excessive overdraft fees. More than one million Bank of America customers are covered in the class action settlement.
Bank of America is the first defendant to settle in the overdraft fee class action lawsuit, which accuses nearly 30 of the nation’s banks of manipulating debit transactions to maximize the fees they could charge customers who overdrew their bank accounts. JPMorgan Chase, Wells Fargo, U.S. Bank and Citibank are among the remaining defendants in the bank overdraft fee class action litigation, which in 2009 consolidated lawsuits filed across the country.
The Bank of America overdraft fee settlement stems from several consumer complaints, including Plaintiff Ralph Tornes, who sued Bank of America for charging him nearly $500 in overdraft fees after the bank allegedly rearranged the order in which it processed his purchases. Torres claimed in his lawsuit that BofA did not process his purchases in chronological order and instead rearranged them from largest to smallest so that he had to pay three $35 overdraft fees instead of one.
U.S. District Judge James Lawrence King in Miami granted preliminary approval of the BofA overdraft fee settlement and scheduled a November 7 hearing for final approval.
The case is In re: Checking Account Overdraft Litigation, U.S. District Court, Southern District of Florida, No. 09-md-02036.
Updated November 28th, 2012
All class action and lawsuit news updates are listed in the Lawsuit News section of Top Class Actions
LEGAL INFORMATION IS NOT LEGAL ADVICE
Top Class Actions Legal Statement
Top Class Actions Legal Statement
©2008 – 2010 Top Class Actions® LLC
Various Trademarks held by their respective owners.
21 thoughts onBofA to Pay $410 Million Overdraft Fee Class Action Settlement
I use a Credit Union. Little to no fees, good client support, they don’t screw with my money at all.
I have no idea what to do.i am charged 36.00 every time they get a chance. we all make mistakes , but when i finially think i am ok they make up something like 5.00 from some place i have never shoped at.. so then they shut down my account until i get a new card . its all driving me crazy.some one please give me some hints on what to do.You just would not believe the things they do to get their OD fees every month.
bank of america charges excessive fees
I KNEW something was going on with B.O.A. I’ve been complaining to them for years about this. So glad it is finally being dealt with.
I have been with this bank over thirty years under different name’s but same building and I too was charged for overdrafts.
i had Bank of America for many yrs and was chage many times$35 for over draft fees… just a month ago.i need to know do i get in with this lawsuite?marie
Everyone has only one question to ask why wont they give our money back & when will they pay our money ??? Rich people getting richer while were stock w/ Bills not to mention my wife is dying of cancer & Meanwhile SSA is enjoying my wife’s disability check just like BoFa enjoy blood sucers
BofA to Pay $410 Million Overdraft Fee Class Action Settlement
I had Bank of America for 10yrs and I was charger many times $35 for over draft fees .. I need to know how do I get in with this lawsuit?
Cliff
BofA to Pay $410 Million Overdraft Fee Class Action Settlement
I may opt out of this, because they owe me so so so much more than the $78 that is the approx amount we will all receive. These jokers would not even credit me back the OD fees when my debit card was STOLEN. They would only credit back one. My Card was STOLEN. Oh and not to mention the many many many times they’d hurry up and clear checks in a day when they KNOW when our direct deposits go in, just so they can cause the account to go into the red and charge us OD fees. If I had more money in the bank, it would take 5 days on avg. for a check to clear. They do this on purpose, and they have been doing this to me off and on since 2002.
BofA to Pay $410 Million Overdraft Fee Class Action Settlement
BofA took hundreds if not thousands in phoney charges from my husband and myself over the course of about 13 years. Problem with this settlement is all any of us will get is probably $10. Do the math. I don’t know about you all but I feel BofA owes my family more than $10. I want to either object or exclude myself. But I know longer have a BofA account and BofA will not talk to us about a closed account let alone provide me with any kind of statements.