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Bank of America has agreed to pay consumers $75 million to settle a class action lawsuit that alleged the bank improperly charged customers overdraft and other fees.
This week, lead Plaintiffs Lisa Morris, Michael Bui, Tumika Williams, Albert Edge, and Kristen Valperga asked U.S. District Judge Robert J. Conrad Jr. of the Western District of North Carolina to grant the settlement preliminary approval.
The class action lawsuit, which was filed in 2018 and amended in 2019, alleges that Bank of America (BOA) engaged in a “systematic, multipronged effort by the bank to extract unearned fees” from its customers.
The claim alleged that BOA charged multiple overdraft and insufficient fund fees on the same transaction, charged fees on internal BOA account transfers, and prematurely deducted fees from checking accounts.
“Together, these fee practices work in concert to increase defendant’s revenues while catching account holders in a cycle of deceptive and improper fees and charges,” the BOA customers said, reports Law360.
The group told Conrad that the $75 million settlement, coupled with the bank’s promise not to charge the fees for at least five years, would result in 90 percent of the possible damages the Class could have been awarded.
“The package of settlement benefits here is an outstanding recovery for the settlement class members in a first-of-its-kind case with a myriad of legal risks,” the group said.
The BOA customers said in their brief that their legal team would likely seek $25 million, and they also sought about $31,000 for awards for Class representatives, which would vary depending on whether they were deposed or provided discovery, Law360 reports.
BOA is facing other legal action for allegedly swindling customers out of their money through fees. In March, a pair of consumers accused the bank of making a “dishonest dollar” off of account holders by charging deceptive transfer fees in a class action lawsuit. New Yorkers Tami Bruin and Eline Barokas claim that the bank’s money transfer service is “valueless” and should be free for consumers.
Do you bank with Bank of America? Have you ever been charged fees you thought were unfair? Let us know in the comments section!
The BOA customers are represented by David M. Wilkerson and Larry McDevitt of the Van Winkle Law Firm, Jeffrey D. Kaliel and Sophia Gold of KalielGold PLLC, and James J. Pizzirusso of Hausfeld LLP.
Bank of America is represented by Brian A. Kahn, Jasmine K. Gardner, Carolee A. Hoover and Jamie D. Wells of McGuireWoods LLP, and Laura A. Stoll of Goodwin Procter LLP.
The Bank of America Overdraft Fee Class Action Lawsuit is Morris et al v. Bank of America NA, Case No. 3:18-cv-00157, in the U.S. District Court for the Western District of North Carolina.
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470 thoughts onBank of America Settles Overdraft Fee Class Action Lawsuit for $75M
HEy every one the settlement was approved on January 18 I was reading online right on there website saying checks will being to be distributed at the end of March
I received a whopping 8.52 $
What case are you in are you in the Morris case or farrell.cuz on the paper I got it said we supposed to get 1k to 10k
Morris most likely. I got less than $3
I have been a BoA customer for over 20 years. In Dec.2021 I was sent a letter stating of the class action lawsuit for overdraft fees and my overdraft fees was started in the year of I believe 2008 to 2018.There have been OT of overdraft fees that have been taken out of my checking even to this day. I am very furious about this and having to be struggling throughout all these years alway having shortages everything. Now since I learned that this lawsuit have been settled and I haven’t yet gor a check from BoA,,when will I be getting my reimbursement f r om Them? I’m stating that I have been lied to and looked over like I was nothing ,yet I still religiously bank with BoA.Im a very mad at them,what can I do to get compensated for all these years?
Hi good question you have to do nothing at all but wait you will be compensated how and the amount is undetermined I too am a Bank of America customer almost 10 years now the last lawsuit I received a letter shortly after I receive the check was very little but hey at least I was acknowledge , so I said that to say you will be compensated and should you get anything in the mail that just look like a regular letter with the Bank of America name or another persons name on the envelope don’t throw it away your check will be enclosed in that letter or piece of mail.
You’re going to be even more furious when you do get your check. Mine was a whole 2.84. yup 2 dollars. Yet the lawyer got 25 million. Ridiculous
The ABUSE i am suffering from Bank of America in regards to Over draft fees is sheer ABUSIVE TACTICS and should be illegal, i was charged 5 OVER draft Fees for being over drawn my $0.50 YESSSSSSSSSSSSSS you read that right $0.50 i have my bank statements to Prove i was only over by $0.50 and to charge me 5 $35 over draft fees is pure CRIMINAL this just occurred 1 week ago im SICK to my stomach how they can get away with this SICK. for $0.50 i paid $175 in Fees!!!!!!!!!! this is UNLAWFUL treatment. and when i called for 3 straight days to speak to someone i say on hold for 1.35mins ( 1st call ) 55mins ( 2nd Call ) and 1.45mins ( 3rd Call ) which resulted in my phone dying with no one ever coming to the phone IM SOOO SICK of them i wish i could sue for this Harassment
I had 2 accounts with BOA and they closed one of my accounts due to large amount of overdraft fees
can I still fill up the form>??
The lawsuits was supposed to have been completed on 1/18/2022. Yet there is no updates on the law firms pages, no mention in any news outlet. Nothing at all. Why are not able to see if the final hearing was completed on Tuesday?
Should be more than 93 cents. The earlier one had a significantly smaller award.
What I dont understand I why class action people are guaranteed 1,000 to 10,000 while all of us are gonna to get literally Pennie’s. I understand the lawyers getting 33% but why does the class action people get 1K to 10k. All defendants should get the same amount
There’s 2 different law suit and the Seattlement did go threw I was reading about it online 2 days ago I also says they got up to 30 days after approval to send your check
I wonder if ,I’m going to get just .91 cents from The settlement, like some hard working people ,who were charged all this overdrafts and insufficient funds …so my questions is …..r we getting our money back ,from the charges ,they charged over and over …or we just get .91 cents and continue our lifes? I want to get compensation, and get paid back all the fees they charged us . ..what can we do ,about getting paid all does fees charged..who do we talk 2 ?r we supposed 2 ,just seat back and let them get away with it ?I don’t think so…if this poor customers who only got. 91 cents …who really benefits from the settlement ?how is .91 cents going to pay u back the fees ?this is ridiculous ……I hope when they ,send my settlement ,it won’t be disappointing….as it was for some people ….
I am an older customer who closed my BOA account because they charged so many fees. I would have $150 available, and 3 checks would come through, one for $50, another for $35 another for $25, and one for 200. They would take the 200, instead of covering the 50, 35 and 25 checks, so that way they would get $35 x 3, instead just bouncing the 200 and charging me ONE overdraft. They have gotten thousands from me in fees the whole time I banked there I believe from 2004 to 2008 or 2009.
Same Here. Instead of paying the smaller ones, the would pay 1 big one and then charge $35.00 x 3 or 4 at times. My envelope is waiting in my mailbox, I can’t wait to see what it is (sarcasm) I am sure it will be a couple dollars.
Would like to know when to expect a check from the overdraft fees the bank has gotten fat on taking advantage of hard working Americans.
Last time I calculated I had over 3800 one year of overdraft fees
We banked with them for over 20 yrs and they hit us with fee often. I would like to get in on this. I no longer bank with them
They over charged me so much money. I banked with them almost 10 years
I was LIED to by a BOA customer service rep. ? She told me I could AVOID overdraft fees by changing my account so they would not be covered. Today I have to $35 fees posted to my account for the 2 items they returned, how the f is that “avoiding” the fees?? I am done with this bank. And I have yet to see a dime from this class action settlement.