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:Â 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
Just noticed a credit on my BofA checking account this week. The credit is titled: Checking Account Overdraft Settlement Credit. Took them long enough!!!! Unfortunately, the amount of the credit does not even come close to making up for the anguish, turmoil and financial drain caused by their unethical manipulation of assigning an order to the overdraft fees that would help THEM make more money from US, who were struggling.
I have my account active since 2007 and i paid almost $490 and I just got back $10.12 . Not sure if there is any percentage we should get back. Some of the sites talking about this lawsuit say that we should get back 9% of what you paid in overdraft fee.
I am part of this lawsuit and also have not received a penny back, now I am incurring more of these charges by the way they posts the check and deposits. They are definitely stealing to make the poor poorer!!!!
I was a part of this lawsuit but I didnt receive a check, what am I suppose to do
I just heard of this,and here it it Aug.2012 and I still havent received any refund and I had many overdrafts.How do I inquire further about this?
I bank with Bank Of America and they are still doing it the will hold my debit changes for days until the money is gone cause we thinking it has gone in already they days later they sends it in I have paid them alot of overdraft in the passed yr.
like many others i have changed banks and moved during the period indicated. For several years I fought this battle with BoA but with no success. How will I receive my settlement?
I have yet to receive any type of refund, and I know they ripped me off many times by paying the largest debit first although it may not have been the first transaction that came in. July 20 2012 now!!
did the judge set a time limit for boa to pay the customers?
Is there a contact name, number or email that we can use to find out when we will receive our settlement? They took thousands of dollars from me, no notice, no negotiating, just gone. So why are we all having to wait long after the case has been approved?