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.
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.
Don’t Miss Out!
Check out our list of Class Action Lawsuits and Class Action Settlements you may qualify to join!
Read About More Class Action Lawsuits & Class Action Settlements:
- Do You Qualify: Bank & Credit Union Overdraft Fee Class Action Lawsuit Investigation
- Bank of America Unlawfully Services Home Loans, Deceiving and Costing Consumers, Class Action Lawsuit Claims
- Do You Qualify: Bank and Credit Union Fees for Transferring Your Money via ACH Network Class Action Lawsuit Claim Review
- Bank of America Bungles Handling of Unemployment Benefits, Class Action Alleges
470 thoughts onBank of America Settles Overdraft Fee Class Action Lawsuit for $75M
this $8.52 IS TO SILENCE CUSTOMER AND TO CHEAT PEOPLE OUT OF THE SETTLEMENT THAT THEY DESERVE. THIS IS CRAZY CAUSE ONCE YOU GET THE SMALL AMOUT YOU CAN GO BACK TO OPEN A CASE OF YOUR OWN AND YOU CAN`T REFUSE THE SMALL AMOUT. SOME PEOPLE DID RECEIVE THE LETTER IN THE MAIL ME I NEVER GET NOTICE THEY WAS A LAW SUITE ABOUT THAT. THAT I COULD GET INVOLVED
I have received 2 checks but did not cash either. How or whom do you go after for damages?
I got a grand total of $8.52. That is literally nothing compared to the money I lost in fees. 2 of my accounts are actually still with BOA. I received the funds via direct deposit.
Moral of the story. Break law now, settle later! Thanks
Wow $2.84 for all of the illegal overdraft & bank fees taken from my account…SMH this is a slap in the face.
Yes they have been doing this since 2008 till now
42$ for my personal account damn i must have been overcharged alot of times since i created account in 2015
$2.84 for multiple overdraft fees that are processed first to create a negative balance to create additional fees. Denied covid relief. Caused a snowball effect of financial woes elsewhere due to their fees eating up my available money to cover those expenses… This settlement isn’t only a slap in the face but downright offensive and disrespectful.
Well I must’ve stayed negative every day for years for a $176 credit. That’s kinda sad, but I’ve learned my lesson. Didn’t expect it. And now they aren’t charging OD fees anymore. How do you feel about that?
Only 17 dollars I feel offended!
BoF made more out of!
Same here I got 11 dollars and I have proof the they charge in my three accounts business personal and savings around $17000 and when I start complaining they closed my account this it’s bulshit
A whole 2.84, what a joke. BOA can kiss my ass after this.
I received a direct deposit today for about $30. And I’ve had my account with them since I was 17, and I’m now 32!!!
To whom it concerns,
Due to the way Bank Of America did me for over draft fees! My boys lost our home after 17 and a half years. It was foreclosed on the day after Christmas the 26th. I just opened the letter from this law suit of 75 million dollars.
Thank you for the $14 dollar check. This will make it where I can bye another home for my boys and myself. We no longer have an address that is the vehicle.
Not sure how you figured this out but I tried getting a hold of the attorney in this case. Didn’t here a peep. Now this check wow what a slap in the face.
Thank you,
Amber Tapia
Praying for you and your boys .