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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’ve been charged overdraft fees for purchases that were wrongly charged to my account and reversed. Bank of America wasn’t willing to reverse them when my charges were pulled by the company who charged it.
I’ve had this trouble with Bank of America multiple times and it has cost me.
Just got my 33.10 check, I’m speechless but not because I don’t have any thing to say……
Hi, I have been trying to find out what happened to my check. I did not receive my payment. I was included in the lawsuit. I had moved several times and had notified via email, a contact on the “contact us” link. I have received no information… Please help me or direct me where I can speak with someone!
I guess I am the only one that don’t have a problem with BA. I wanted to lower my mortgage payment, because I have a line of credit with a variable interest rate and can’t do anything about it knowing I am going to get hit with inevitable interest rate going to kill me, so I told the only way to do it was get a refi on my mortgage and lower that payment to compensate for the equity line fear. So I did it and even though I went through a nervous breakdown trying to get this and get that. I got my rate lower 1% . One important factor, I was NEVER late on my payments to the bank. And I filed bankruptcy in 2008 but paid my Bank of America loans on time ALWAYS. My only complaint or help I need is trying to do something with this line of credit. Nobody will touch it.
I guess I am the only one that don’t have a problem with BA. I wanted to lower my mortgage payment, because I have a line of credit with a variable interest rate and can’t do anything about it knowing I am going to get hit with inevitable interest rate going to kill me, so I told the only way to do it was get a refi on my mortgage and lower that payment to compensate for the equity line fear. So I did it and even though I went through a nervous breakdown trying to get this and get that. I got my rate lower 1% . One important factor, I was NEVER late on my payments to the bank. And I filed bankruptcy in 2008 but paid my Bank of America loans on time ALWAYS. My only complaint or help I need is trying to do something with this line of credit. Nobody will touch it.
I guess I am the only one that don’t have a problem with BA. I wanted to lower my mortgage payment, because I have a line of credit with a variable interest rate and can’t do anything about it knowing I am going to get hit with inevitable interest rate going to kill me, so I told the only way to do it was get a refi on my mortgage and lower that payment to compensate for the equity line fear. So I did it and even though I went through a nervous breakdown trying to get this and get that. I got my rate lower 1% . One important factor, I was NEVER late on my payments to the bank. And I filed bankruptcy in 2008 but paid my Bank of America loans on time ALWAYS. My only complaint or help I need is trying to do something with this line of credit. Nobody will touch it.
I guess I am the only one that don’t have a problem with BA. I wanted to lower my mortgage payment, because I have a line of credit with a variable interest rate and can’t do anything about it knowing I am going to get hit with inevitable interest rate going to kill me, so I told the only way to do it was get a refi on my mortgage and lower that payment to compensate for the equity line fear. So I did it and even though I went through a nervous breakdown trying to get this and get that. I got my rate lower 1% . One important factor, I was NEVER late on my payments to the bank. And I filed bankruptcy in 2008 but paid my Bank of America loans on time ALWAYS. My only complaint or help I need is trying to do something with this line of credit. Nobody will touch it.
Very realistic, Bank of America paid agent!
WELL ! JUST TO ALL OF YA”LL KNOW B OF A HAVE $90 MILLION IN UNCLAIMED MONEY DO TO THE OVERDRAFT SETTLEMENT IN 11/2011. B OF A OWE ME ALOT OF MONEY TO I’M FIGHTING FOR MINE.
After an ongoing battle over the last couple days I was advised by supervisor Edward Hill the following:
However, while cannot discuss the entire settlement in detail, please do note that this did not actually prohibit us from processing transactions in a ‘high-to-low’ fashion. No actual change in our Deposit Agreement and Disclosures was legally mandated at any time, and we therefore continue to process items in the way we previously mentioned… Thank you for choosing Bank of America. Sincerely, Edward Hill Client Escalations Unit Bank of America