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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
I have been with bank of america for years and for years I have fought with them about overdraft fees. It was so crazy. I would get almost 300 dollars of overdraft fees, even when I had money in the bank. I would talk to them on line and and each time after a proof of point that they was giving to me unfairly the would give me some of the money back. Most of the time they try to tell me that they are covering cost and paying on things for me when I am paying them and the bank is getting a cut. Often I would check my balance and go buy something base on that balance. The next day I am suddenly overdrafted. Something I payed for maybe a week to two week ago would suddenly show up. It never shows up on the account the day I made the purchase with my debit card, always 3 to a week and half later. That is how the get you. And if you don’t have a atm near by like I do, it is even easier because they know you don’t want to drive to atm that is 10 miles away, when the store where you need to get eggs from is just around the coner. When am I going to see some of this money back?
When are we getting this so called credit? Bank of America charged me may times and I haven’t recieved anything as of yet?
Checking account with Bank of America, lots of overdraft fees acquired.
I was told to do nothing but I have not received my part of the settlement
Khadijah s Richardson
245 King Charles rd
Columbia sc 29209
803-735-1146
I know I’m a victim of these overdrafts.I just recieved the check from the Bank Of America overdraft lawsuit.I had close the account .
I have a new address and the account is close so I need to give the Bank the new address or you?
I know I’m a victim of these overdrafts…
How do I get my settlement money?.. Or is it to late?…
Please, someone send me information on how to get my settlement money that is owed to me?…
Thank you…
I just recieved the check from the Bank Of America overdraft lawsuit. My question is since I don’t have a bank account where can I cash it at?
I just found out some information about contact for this settlement. First of all, the website for the settlement is http://www.bofaoverdraftsettlement.com – The phone number to call for INFORMATION on the settlement is 1-800-372-2390. You can also request a “notice package” for the settlement at this number by choosing option 1 (or just listen to the message and select the proper #) and recording your name and address so they can send it to you. Finally, you can make contact by writing to Checking Account Overdraft Litigation, c/o Rust Consulting, Inc., P.O. Box 2505, Faribault, MN 55021-9505. Personally, if you are concerned that they don’t have your current address, I would NOT assume that just because you record your current address to get a notice pkg. that they will send you a settlement check. It seems safer to write to the address given and tell them that YOU ARE a member of the settlement class and want your settlement – and give them your address information in your letter, of course. I’m hoping that this will work, as I want my settlement! Even if it isn’t much!)
My neighbor got a card in the mail from them about a year ago now, I think. I didn’t get one, but I’ve moved several times since I banked with them, and they don’t have my correct address. I had this happen to me several times and incurred a lot of overdraft fees because of writing a large number of checks for small $ amounts. I complained loudly to them, to no avail, of course. I know I am part of the settlement, but I have not yet received a settlement from them, as I’m sure they don’t know where to send it. Even if it’s pennies on the dollar, I don’t want to miss out on it! Who do I call?