Bank of America Overdraft Fee Lawsuit Settlement

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Bank of America ATMsIn late May, Bank of America’s $410 million settlement of a class action lawsuit concerning debit-card overdraft fees received preliminary approval from a Miami federal judge. Thirty five banks were named in a class-action litigation and Bank of America was the first to settle. The final approval hearing will be November 7th.

Did you just get a letter in the mail about the Bank of America overdraft fee lawsuit settlement? Congratulations, you’re due for a little piece of the $410 million dollar settlement that Bank of America agreed to several months ago in litigation named “In Re: Checking Account Overdraft Litigation, U.S. District Court for the Southern District of Florida, No. 1:09-MD-02036-JLK” (they’ve settled on a lot of things, but that’s the one this post is about). The agreement has been approved and you can now take action.

Remember a few years ago when it was revealed that banks were (allegedly) playing games when it came to the ordering of various transactions? Fifth Third Bank settled in April on something very similar. Well, the lawsuit charged that banks were processing charges days after a purchase was made, they were reordering the processing times, and doing all sorts of other chicanery in order to maximize fee income. I won’t be surprised to hear other banks settling too.

The judge ordered that the administrator create a website (it’s now past July 1st so that’s the website) and toll-free number (1-800-372-2390) by July 1st, so look for a website by then. Also, all class members will receive a postcard by September 2nd.

According to the website, if you want to get payment or account credit, you don’t have to do anything. The website states: “You do not have to do anything to get a payment or account credit from the Settlement. If the Court approves the Settlement and it becomes final and effective, all identifiable Settlement Class Members who are entitled to receive a cash benefit and who remain in the Settlement Class will automatically get a payment or account credit and will give up their legal rights against Bank of America about thes claims in this litigation.”

If you want to exclude yourself from the settlement, and thus retain the right to bring separate litigation, object, or go to a hearing, you can do so via the website (or find out more information on how to do so. If you do nothing, you’ll get paid a portion of the settlement amount.

(Photo: rainforestactionnetwork)

{ 702 comments, please add your thoughts now! }

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702 Responses to “Bank of America Overdraft Fee Lawsuit Settlement”

  1. Brenda Jones says:

    I also filed for my portion of the claim. Bank of America policy sucked up my rent money and contributed to my eviction.

    This is 03/15/2012 and I have not recieved any money.

    I will never open another account with this bank. They are paying their fines with money from contributors. If they hold it long enough the bank will be passing out bonuses to upper management. WHAT DO WE ALL DO?????

    • Terrie W. says:

      I’m now wondering if this is a pattern with them as I too was interested in the claim and so far have recieved nothing. I had long closed my account, and they said I had a pay-day loan I didn’t even recall getting that had bounced. The same thing happened for me as happened for the author I’m replying to in Mid March of this year. They came in behind without my knowledge after my job had ended in January and took a large amount of money I had gotten back on a 401K to deal with the pdl they said. Money I too was using to live off of, and pay rent as well- for May, and June. Luckily I had also pre-paid, plus paid up for some back rent due to my boyfriend’s job ending as well after which, he was not able to pay the apartment we have. It was credited for May as well so we were fine. But still the fact that they basically took out just under 2000 without my knowledge on something I wasn’t even aware of says much in my opinion! Now I just received a letter from the same lawyer they were using to make me look nasty and they said the sherrif shorted them 15.00 and they were planning on trying to grace wages even though I’m not employed- for the tiny amount of 15.00! I’ve since decided like yourself that I too will never bank with B. of A. again

  2. Brenda Jones says:

    Bank of America’s illegal practice of Accounting caused me to be evicted. They can never pay for that drama. I want to know when the check is in the mail??????

    What do I do?

  3. Sheila says:

    1-2 years more we have to wait! grrrrrr!!!!!!

    • J&P.Crunk says:

      so out of 13.2 mil people that the bank did this to, and the 410 mil dallors settlment. isn’t that only about 29 dallors per person?, and that is before court fees.
      The Lawers are asking for about 5k per plantif, So if that 13.2 mil ppl will only be getting 29 dallors (IF) my math is right, how can Lawers get more money then the plantifs?

  4. Maria Sanchez says:

    I have not recieved any Money ???I want to Know recieveed the money>>>>>>>>>>>

  5. Maria Sanchez says:

    I have not recieved any Money ???I want to Know recieveed the money>>>

    • Augustine Robledo says:

      Maria Sanche lam in the same boat to lam waiting for the lawsuit come thru but ther is no answer to it but l may star a classaction myself becuase ther are still overdraffing my Account l had spoken to a lawyer and lam waiting for a call back

  6. Tee Stevens says:

    I feel all of your pains!!!! UGH. BOA had a great X-Mas a few years ago on my dollar…I had to pull X-mas outta my you know what for my 2 children at the time. Single mother working full time just so BOA could rape my checking acc. Still havent gotten a dime! Does anyone else know if people have gotten anything yet???

  7. Denise says:

    I know I will probably never see a dime, and if I do it will be just that, a dime. But I hope these people have to answer to a higher power and someday find them selves on the bottom and not in power. In general, I hope they rot in hell.
    I always dream of winning the lottery and screwing all the locals that looked at me like I was scum while they were screwing me and smiling.

  8. Debbie says:

    I have Not got my money, But if we don’t get our money soon we can sue the lawers for there money cause they didn’t do the right thing by use. Debbie Anderson

  9. MMCF says:

    I am still waiting on all the money they owe me…..i may be old and gray by then.

  10. boa payment says:

    i haven’t received any money yet!!!!! its been 7 mos now!!!!! wth???????? they definetly got me 4 overdraft fees!!!!!!

  11. cs says:

    Tired of waiting. Damm!!!!

  12. Sharon Legge says:

    I called the phone # 1-800-372-2390 posted on artical and it said an appeal was filed and it may take another 2 yrs. I think they did it so they could invest that 420 mil in high yield bonds and not be out of pocket for the settlemsnt. what do you think, and no I havent seen a dime eather.

  13. Brandon Edwards says:

    5/10/12 – Where is my money? it better not be 29 dollars either…5k i can deal with for all the crap me and my family had to put up with for there 300 over draft charges every month for ten years!! anyone else fed up with this . We need a new attorney for the attorneys. so we can sue them as well ..Im fed up with this..anyone who is putting a new lawsuit together please include me.

  14. Rev. William P. Avery says:


  15. fallon says:

    i cant wait to get my money i been waiting to long well i hope it dont b long time damn !!!!

  16. Anonymous says:

    just last year they ovedeaft me 700.00

  17. Anonymous says:

    i was charged 700 last year alone

  18. Mary Ann Box says:

    I bank at bank of america a few years ago they overdeaft me about 800 dollars. Now its time for pay back.

  19. Sheila says:

    Still waiting…..

  20. Sheila says:

    Still waiting…

  21. ???? says:

    i agree with you all this crazy bull ….

  22. Maria E. Basconsillos says:

    I was overdraft so much that I don’t how much money the Bank of America owns me. I’m still waiting for this payment. Help me to know what I have to do more.

  23. heather says:

    is it only in florida? because i think just this year ive paid over 1000.oo to this bank i cant cancle it becuase i have dirrect deposit and all of my utilities take out each month i also have been with this bank for four years already i dont know how mutch in overdraft fees ive paid the whole time ive been with them.

  24. melinda says:

    i want my money

  25. melinda says:

    is there a way to tell how many overdraft fees i or you paided

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