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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
Correct me if I’m wrong, but acceptance of the money is releasing them from liability…..What if we took them to small claims for the actual dollar amount of the fees they charged? Since this case has been settled, can we get that back without hiring a lawyer?
When I received the letter about this lawsuit I thought it was a scam and I threw it away. Now, I have received a check from this settlement in the amount of $8.52. I have banked with Chase and Wells Fargo before BOA and I know they all charge overdraft fees if you don’t have the money in the bank when the transactions were paid; but BOA is something else. I always check my accounts personal and business first thing in the morning so I can move money around to cover the transactions pending or processing on that day so I will bring my accounts on positive balance before end of the day. We’ll guess what have been my surprise when I woke up next day? I’m overdraft 4 times for new transactions that came in while I was asleep and the first transactions I see in that day is an overdraft fee making my account negative for the new transactions that kicked in generating additional overdraft fees without even being paid or processed. When I was new with them I would call them and ask why they were charging these fees when the transactions are still processing they have not even been completed or paid and that I will put money in my account to bring my balance positive and they would always told different things to excuse why, blah blah but my brain will not get it because I’m not new in banking and I thought I knew how to handle overdraft fees, but they are something else. I gave up on calling them and explain my account was positive and why they charge fees creating my account negative. If I’m still banking with them after three years is because I hate waiting for a deposit check to be available after 6-9 weeks on hold when you open a new bank account wherever you go because you are new banker and haven’t established a reputation with the new bank. Hope we can all get more from $75 M.
Nice Fat Check forrrrr Wait for it!!!!!! $25 bucks!!!! Now I can buy some toilet paper!!!!!!
My first check was $0.89.
I threw it away.
What a joke.
After 180 days they sent me another check $11.36.
I’m in the money now
I was charge $35 overdraft fees every month for over two years I haven’t received any settlement money.
Well the official page says you should receive it by April 30,2022. Hope everyone gets what they are entitled to.
I don’t think we are man every one getting small amounts
True. What I meant to say is hope everyone receives money lol
I received mine however don’t think you’re going to get a lot it’s Pennies on the dollar
Neither have i
Unfortunately, when they bought out Standard Federal Bank, we ended up having 2 different business accounts, one personal account, one business line of credit, and a mortgage with BOA. I just received my 2.84 and actually am thinking of not cashing it. My concern is that giving us this little amount makes us unable to ever in the future sue them about anything else. Not that I am a suing person. However, in my experience BOA, I firmly believe it is the worst bank in the world. I know they cheated me on interest when they had my mortgage, the monthly interest was all over the place and not consistent even with day paid or anything!! In addition, for at least one of our businesses our deposits would be done right every time but then when we got our statements every month for 6 months they would be off on the change with 4-8 different deposits, occasionally one would be in our favor but 95 percent were in theirs. It never really totaled more than $5 each month and they would make it right, after each time blaming some other part of their operations. At the 6th month we told them that if they have one more error like this we would pull our money and go somewhere else. Guess what? It magically stopped. All the sudden no more errors. It makes me crazy to think of all the young kids who don’t balance their checkbooks to the penny. I am sure they are making a lot of money in many many different ways. Not sure the 2 bucks is worth not being able to be in something someday that will close them down!! The happy ending for us is not the 2 bucks but that we are now not with BOA but with a small local bank, we love them and I am so happy every time I pass BOA that I will no longer be raked over the coals. Even the last thing we did with them, paid off a line of credit that we had a auto pay of $1500 taken out monthly… after it was paid in full, not surprisingly they tried to take another payment out. (our wonderful bank handled it by sending back the check they created) cuz if we were trying it would have probably happened for months!!) Beware people they will find a million ways to get millions out of everyone. What should happen it that all of what they have done should somehow get told and everyone should just stop using that bank. Completely!!!
A whole $5.68. Thank you.
I was supposed to get the letter because I have all my mail sent to me in a picture to my email but my mail person never delivered it which is not surprising because I miss a lot of mail because of this mail person. Not Too sure what I got or if I got anything at all because didn’t get the letter.
Same with me TODAY !! I see my mail via email beforehand, and I seen the letter from the lawsuit, but didn’t receive it!! It’s been two days now! Wtf is going on!! Crazy!!!
Crooks all Crooks
$2.84 out of 75Million
What a joke the system is
My letter was sent to address I no longer live at since then changed mailing.. I never received the mail , however; was able to view it in my email associated to account I no longer use also as well i am trying to get ahold to whoever cause I don’t know why my mail didn’t resend to my new address on file