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.
A federal judge gave final approval Monday to a $410 million class action lawsuit settlement with Bank of America (NASDAQ: BAC) for charging excessive overdraft fees to millions of debit-card customers.
U.S. District Judge James Lawrence King approved the Bank of America overdraft fee settlement, which will give over 13 million account holders as much as 45 cents on the dollar for each overdraft they incurred between 2001 and 2011. The typical overdraft fee charge by Bank of America is $35 per occurance.
The Bank of America overdraft fee class action lawsuit claimed BofA processed its debit card transactions in the order of highest to lowest dollar amount so it could maximize the overdraft fees customers paid. It also charged the bank with waiting to process charges until days after a purchase was made, when users’ accounts were depleted. Similar class action lawsuits have been filed against more than 30 other banks, including JPMorgan Chase, Citigroup, Wells Fargo and Union Bank, which recently agreed to a $35 million class action settlement.
The $410 million Bank of America class action settlement is one of the largest settlements ever in a consumer case.
Nearly 13.2 million Bank of America customers who had debit cards between January 2001 and May 2011 will receive some sort of payment from the Bank of America overdraft fee class action settlement. Those who still have accounts will automatically receive a credit, while others will get a check mailed to them. No one will have to take any action or fill out any paperwork to receive their settlement benefits.
ATTORNEY ADVERTISING
Top Class Actions is a Proud Member of the American Bar Association
LEGAL INFORMATION IS NOT LEGAL ADVICE
Top Class Actions Legal Statement
©2008 – 2024 Top Class Actions® LLC
Various Trademarks held by their respective owners
This website is not intended for viewing or usage by European Union citizens.
42 thoughts onJudge Approves $410M Bank of America Overdraft Fee Settlement
We received a mailing but, it said we didn’t need to do anything. How and when will we receive our portion of this lawsuit?
So I’ve had my account for the entire timeline of this lawsuit and my husband and I had a joint account as well. I have yet to see any money returned either. We’ve paid prob thousands too. When should we expect money?
How do we go about filing for the settlement? does anyone know? I had an account with them from 2004 – 2007 but have since moved.
hi there i understand that some of the claimants objected to the settlement so no money will b paid out till all the appeals r ajudicated
what about all the other banks like wachovia who has since been taken over by wells fargo
So when are the current customers supposed to see these “credits” they speak of? We have been customers of this bank for the entire timeline of the suit and have yet to see anything.
I am so glad that someone had the guts to act on this matter! I have had my account, for over 5 years. I have paid thousands in overdraft fees. I can’t wait to see a tiny bit of it back!! If I don’t I will sincerely find a new bank!!!
They owe me 7 years of adding xtra flood insurance
I just telephoned Bank of America regarding this information and was told that they are still charging $35.00.
I do not know if we are eligible for these law suits. Please let us know.
Heads Up:
Got my settlement check in the mail today for $93.16
When do we see money from these crooks. I knew long time ago that something was wrong with this bank and pulled my account. I did speak with a representative of BofA from I believe was the carolinas but it was mostly bull and was telling me that I would not have to pay them back any of these overdrafts and that they would clear my account. I told him bull I want all my money back and never heard from them again. I then proceeded to get involved with another crook PNC and they did the same. What is wrong with this country and why is our own government allowing these crooks to continue banking. Or is someone that is running our government involved with these people. I would love some answers and am tired of all the bull. I am a disabled american veteran and they have stolen my veterans pay. Do they not have any shame….