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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)

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

  1. horace h. says:

    i have been waiting for a long time myself damn is it ever gone happen they took 500.00 from me hope it’s not much longer

  2. sabrina w says:

    I recieved the card back when the lawsuit regarding bank of america was filed. I still have not recieved anything from the lawsuit. please advise.

  3. Tina c says:

    I received the letter card when the lawsuit reguarding bank of america was filed,yet I still have not received any form of compensation from the lawsuit. How much longer?

    • Margarita says:

      I also received the letter card and just found it in my box of pending stuff. Have not received anything.

  4. MeToo says:

    *(Could take 1-2 yrs.) VIA boa site…

    Under the terms of the Settlement, distributions will not be made, either by account credit or cash payment, until after the Effective Date of the Settlement. The Effective Date, as provided in the Settlement Agreement, will not occur unti after any and all appeals are finally resolved which – depending on the speed with which the appellate court decides the appeal – could take approximately one to two years. Future developments concerning the Effective Date and expected time for Settlement distributions will be posted at http://www.bofaoverdraftsettlement.com.

  5. mary llanes says:

    Bank was quick to charge the fees but not quick to pay up still waiting

  6. stephen says:

    When will BOA give us the time frame and amount the customer is due. They like to take money on over drafts fast.

  7. Michelle P says:

    I received a post card a long while ago, and I have not received anything yet and I remember them taking my whole pay check but 40 dollars… Messed up and yes they were quick to charge but slow to pay back hope they can pay us back soon.

  8. Kenya Miles says:

    If we ever get a dime I would be satisfied.Bank of America has been doing this for years.They got caught double dipping and it’s about time they pay up.

  9. gilbert escalante says:

    i got a paper work in the mail for me and my daughter lydia escalante by the judge to chose which lawyer we want i got david stelling in new york and lydia got laurence hutt in la cali our address is 9350 north 67ave glendale arizona zip 85302 apt number 273 contact me in by mail

  10. Gloria says:

    I have been waiting it seem like a long long time. I don’t like it should have taken this long because it didn’t take Bank America long to take it out of your account.

  11. Felecia Gallegos says:

    What has happened to this settlement? I have never received anything nor heard anything else on this!

  12. Dee says:

    Still waiting………

  13. thelmanlouise says:

    We have been with BOA for over 8 years and they have screwed us on a weekly basis. They should be paying off our house by now!The clocks still clicking…

  14. IDA R. says:

    THIS IS NUT’S. WHEN ARE THEY GOING TO PAY UP? I JUST WANT WHAT’S DUE BACK TO ME.

  15. Tina ammons says:

    Bank of america is quick 2 take an very hard 2 pay bac.Thats why i had 2 switch banks cause i was set up on a payment plain an they stil tok my money

  16. Anonymous says:

    I got the card when the settlement was complete but no money yet. I only want what they took form me.

  17. Helen M says:

    I am am in the list but no card I received yet. I hope so soon pay what they took from me.

  18. darlene haskins says:

    When is this supposed to be coming… I just want my money back!!

  19. patricia b says:

    Where is my money? I want it now just like they want their money yesterday? Bank of america , where is our money that you stole.

  20. rafael says:

    I was married at the time we had our BofA account. How will this affect my settlement amount?

  21. Carla says:

    got mine this week.

  22. sillysue says:

    The web site states payments will be received by 11/30/12?

  23. kathy says:

    Oh boy just received my $4.36!

  24. Unbelievable says:

    I recieved my settlement direct deposit last night. It was $2.55


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