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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
My husband & I received a check for 22.72 . Well the only way to look at it is….. its 20 more than I had yesterday. Lol anyways, they have gotten us in fees that total more than this. Oh well.
Yes, I did bank at BOA for a number of years and found myself caught in a excessive late fees on a credit card, in which I had charged my crippled & elderly mother in law. I would bet that any of the named plaintiffs were not in the my situation. I am disabled and was caring for the mom in law who had lost her husband and both sons, one son being my husband and she and I were fortunate enough to be caring for our young grandson. These plantiffs will receive 31,000 for their time in court, whereas, I received an $11.00 check that would probably cost more in ck. cashing fees were I to cash it!
A Damn shame and a waste of paper. Who can we talk to about this ????????? 14.52 🙄
You’re lucky you got that and not $2 like other people did. Although I agree we will only get the crumbs in the end. Sad.
$42.60. Sure why not.
How much nsf fees or overdraft did you receive in total? Just so I can get an idea of my payment lol
$11.36 Yippee!
I just got my check in the mail. Whole $5.86. BOFA was ripping me off for years. I’d deposit cash and make purchases after, and they would put through purchases before deposit and charge me multiple overdraft fees. I’m going to return the check to sender. It’s a joke and it’s insulting. I’m glad that BOFA had to pay for their shady practices, but justice was not served if the ones that should’ve have been reimbursed got crumbs so few can line up their pockets.
$2.84🤦🏽♀️
I am apart of the lawsuit and my check should be here the beginning of this month. My letter said I would get 1000$ or more. I’m saddened to hear these replies saying they only got pennies when the lawsuit won 75 million. Isn’t that what the bank did?
I never got a letter
Seriously less than $3 when they stole hundreds from me. Ridiculous! And the card that came in December said we were guaranteed between 1000 and 10,000. Nobody benefited from this but the lawyers and boa.
Received check for $2 and some change today…