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UPDATE: Refund checks from the Bank of America Overdraft Class Action Lawsuit Settlement are in the mail!
Top Class Actions reported in June that Bank of America (NASDAQ: BAC) had reached a $410 million class action lawsuit settlement for charging excessive overdraft fees. We’ve just learned that some Bank of America customers have started receiving notices in the mail concerning how to receive a payment or account credit from the class action settlement.
The Bank of America overdraft fee settlement will resolve a class action lawsuit, entitled In re: Checking Account Overdraft Litigation, that accuses Bank of America and nearly 30 other banks of manipulating debit transactions to maximize the fees they could charge customers who overdrew their bank accounts. Bank of America denies any wrongdoing, but has agreed to settle its part in the case by creating a $410 million settlement fund to reimburse Class Members.
You’re considered a Class Member of the Bank of America overdraft fee class action settlement if you had a Bank of America checking account and/or savings account that you could access with a BofA debit card, anytime between January 1, 2001 and May 24, 2011, and you were charged one or more overdraft fees as a result of Bank of America’s practice of posting debit card transactions from highest to lowest dollar amount.
As part of the Bank of America overdraft settlement, Class Members will receive payments or account credits for the unlawful overdraft fees they paid. The amount of such payments or account credits cannot be determined at this time, but will be based on the number of people in the Settlement Class and the amount of additional overdraft fees each Settlement Class Member paid as a result of Bank of America’s posting order.
If you are included in the Settlement Class and entitled to receive a cash benefit, you do not need to do anything to receive a payment or account credit from the BofA overdraft settlement. If you Court approves the Settlement and it becomes final and effective, you will automatically receive a payment or account credit.
However, if you wish to opt-out of the Bank of America settlement and retain your right to sue individually, you have until October 3, 2011 to submit your request for exclusion.
You can find more information on your rights in the Bank of America Overdraft Fee Litigation Class Action Lawsuit Settlement at www.BofAOverdraftSettlement.com.
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116 thoughts onDetails on Filing Claims for BofA Overdraft Settlement Arrive
I am in a current dispute of the same practices they supposedly stopped that cost them millions. Their rep advised me it is their practice to still pay largest debits first reguardless of smaller older transactions being presented first. As such instead of one potential overdraft fee I have been charged 5. And to top that off for the first time they have put a hold on the check to cover the debits and are hitting me with more fees in the meantime! And the CS reps just keep giving me the run around but aren’t saying much of anything else after I asked why why they would return to practices that got them the class action lawsuit in the first place! No direct response to that question!
i have caught them i filed a breach of contract through the fed building i was fileing exhibs for over 6 months i am taking the boa to court
I moved after closing my BoA aacount, and BoA sent an offer to my old address in my name, offering a cash gift card if the recipient would subscribe to a magazine. The new residents took BoA up on the offer, subscribed, forged my name, and received the cash gift card.
I wonder if that is what happened to my $2.00 postcard check? I knew it would be bad, but I was hoping to get atleast $25! They took loads of money from me, and I haven’t received one cent.
BoA needs to be shut down!
Yep… I got the infamous postcard stating I was getting money back and never got anything else. I have written several times asking for an explanation to no avail.
I am still waiting, this is taking too long. We have two accounts now. Please don’t take too much time.
i never received my check
I am still waiting to here from anyone. they sent a letter a while back, said I didnt have to do antthing, that they would send a check if they won the case. I havent seen,or heard anything from them since. What gives!!!
My accounts have been with Bank of America more than 45 years since my accounts were transferred from Continental Illinois Bank in Chicago where I relocated from. I have paid countless dollars in unnecessary overdraft fees over the years and especially in the years included in this settlement case. I did not receive any amount in this settlement. What a ripe off BofA has been over the years.
wow something has to be done you rob me of thousands and only pay me back 18.55 what the heck every one that hasa account with them need to take their money out and screw themlike they did us. just saying very angry ex customer we trusted you and inthe end we got f—ed. well done BOA. NOT SATISFIED AT ALL……….
just have to be more carefull of who you do buisness with.