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. Jez says:

    Just received a whopping $43.00….

    • Ruth says:

      Just got one for 5.09 .. 🙁

    • L says:

      Is this what they call justice! I received a whole $22 for years of overdrafts. That doesnt even cover one of their fees!

    • RP says:

      Don’t complain, I just got $2.55.

    • tommy says:

      weeeeee I’m rich just $2.50 in my account on the 5th. I don’t understand this letter says the judges approval will be on the 7th why am i getting money now?

      • sillysue says:

        it was approved on the the 7th of Nov. last year, but some people contested it, and it was just settled, so money is being distributed now! By the sounds of things, we can all laugh outselves all the way to the bank, if it is even worth depositing? I may just hang onto mine and screw up their financial department…

  2. Jim says:

    I don’t know,…I must have paid a LOT of bouncer fees to BofA over the past 10 years,…I got a deposit of $190 in my account this past Friday !!

  3. Holly says:

    Don’t feel bad, My hubby and I only got 12.73 but it was better than nothing! 🙂

  4. Sandra says:

    I got 73 dlls on 11/02/12 , oh well, I must have paid a lot of fees, I got better than other people but a $1,000 would have been much better ha.

  5. Karen says:

    We got $6.30 but never had any overdrafts.

  6. sillysue says:

    Has anyone who closed their account received a check in the mail yet?

  7. Misunderstood says:

    Wow….was thinking I would catch up with bills and fix my car. sounds like I can make my car smell nicer with the money coming in, In that case I will splurge and buy 2- 3 pack coconut!!

  8. chris says:

    I better still be getting the $5000 the notice said I was entitled too. Be dreaming about that money all year.

  9. koshia says:

    I got $25.57 on Nov 2nd. I totally forgot about this lawsuit so any extra money is great!

  10. marty says:

    Got $79.00 must be the down payment.

  11. anabanana says:

    Overdraft –repaid money–sh/(=)–they are still taking overdraft fees out of my account till this day!! what happened??? I didnt get anything but I am still paying those stupid fees–what the heck!!!

  12. old boa customer says:

    cks will be mailed out to those who don’t bank with them any longer. Checks will started being mailed between 11-16-12 and 11-30-12

    • sillysue says:

      Good news, by the sound of things, I will be able to afford that new baby rattle for my granddaughter!

  13. christine says:

    I filled the correct forms out….and i havent herd a thing !

  14. Starr says:

    $2.91 …. Great!!! Going to buy those two songs on iTunes I’ve been dying to hear…

  15. rockymom says:

    they should at least refund the amount charged for the overdraft fees!!

  16. overjoyed says:

    closed all my BofA (which stands for Bunch of F****** A**Holes) accounts a long time ago…got a whopping check for $15.28 in exchange for them stealing a couple of hundred from me in one night…
    I wonder how much the LAWYERS got for taking they easy road and settling?

  17. Joeallev972 says:

    Just received 182.52 in the mail. They owe me a lot more than this.

  18. ex bofa customer says:

    I was upset at first about this measley $110.72 check but it sounds like I did better than most.

  19. lucille says:

    I am still waiting on my check. Hope it’s enough to make this waiting worth it.

  20. Lena says:

    yes $7.34. wow thats boa ::rolls eyes:

  21. mooser25 says:

    I can’t seem to get an answer from the OCC or BofA about this, but it does concern some of how they lined up our debits for higher overdraft fees, but also how they handled the closing of our account as well as a claim they had previously approved. See what I mean and if you have helpful input or suggestions we would appreciate it. On 3/24 we received a letter from BofA closing our account and informing us that all debit, checks would be returned, claim reversals, deposits, etc.. would be accepted. So on 3/27 2 fraudulent checks showed up that BofA had previously accepted in the past 3 months as stopping each time they tried to deduct. I called every department I could find and each, even the branch told me they couldn’t see the checks yet but not to worry since my account was closed they would be returned. I even asked if I should take the money out to ensure it, they said no. So I called the next day and was told the same and that they would return the checks. Even though both were covered by our balance, one was returned and the other was paid, $790..!and, the smaller amounts following were returned as well.I called when this happened and cited the letter of closing procedures and was told to place a claim on the check? A claim on BofA?? Needless to say, they 2 yrs later and the OCC agreed per the arguments that BofA had the right to pay the check, they say that they paid the checks in the order that they were submitted? How do they know that when they all came in in one day, ps, the others were debit charges that were returned. So does it follow the closed acct letter instructions, the larger charge order or the fact that a claim was approved 3 months prior which they upheld until this check? Is it all three? Thank you for any help provided.

  22. Janet says:

    Wow! Just received my check a whole 3.22 , would like to know how they got that figure!

  23. Fran says:

    I got a postcard looking check for $5.09. SCORE! Now I can buy a #1 meal at McDonalds.

  24. Alanda says:

    Can i deposit this check at an BOA atm machine the one i went to last night the slot was to small?

  25. sillysue says:

    $30.40 here do I want to buy 8 gallons of gas or just frame it and hang it on my wall as a reminder of Scrooge?

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