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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.
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42 thoughts onJudge Approves $410M Bank of America Overdraft Fee Settlement
what is the hold up on boa lawsuit.how much longer do we have to wait until we are all dead for they do not have to pay us. i closed out my account with them after they stold my money. chase bank is getting just as bad.
Where is my money. Never got a penny from this and yet BOA collect a lot money from me
What if you have moved since you had your money stolen from BOA so how will they get it to you???? There is no place to update an address that I can find….HELP….it will be another way they steal money from people by saying they can’t locate them
i dont know about all this it dident take them but a minute to take it out and two years to put it back and its been since 2008 for me and it was alot of money for us!
This article says it all! http://www.rollingstone.com/politics/news/bank-of-america-too-crooked-to-fail-20120314
This is a response to the comment made by DH who said they got their $. I just looked at the last notification on the http://www.boaoverdraftsettlement.com and the last update was on November 10, 2011 stating, and I quote, “Under the terms of the Settlement, distributions will not be made, either by account credit or cash payment, until after the Effective Date of the Settlement. The Effective Date, as provided in the Settlement Agreement, will not occur until after any and all appeals are finally resolved which – depending on the speed with which the appellate court decides the appeal – could take approximately one to two years.” I don’t know what money you got from them but I don’t believe it’s for this lawsuit.
I don’t know about anyone else but I haven’t seen a penny yet. I called BoA many times when they would overdraft me and they always gave me some reason they did the transactions the way they did them. Used to make me so mad and now I see some have received their money, I haven’t. Where do you call or write to find out why? Anyone know?
I have had several accounts with BofA since 1998 and I haven’t heard a word about the settlement. Curious, who do you call to get an update. I’m sure BofA will be paying interest on the money they stole. If not, there should be another law suit. Guarantee, they would get the time value of money from us. So, does anyone have a telephone number or email where we can get information?
Thank you
I have yet to see any of this money either. BoA is supposed to pay a MINIMUM of 9% of the total accrued overdraft fees back to each customer. I’m patiently waiting for this check and then I’m switching to my local credit union ASAP. Bank of Assholes.
I too am curious as to when we’re supposed to see this money. We are current customers and have lost hundreds in these overdraft fees. When are we supposed to see this “credit”?