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

  1. chris says:

    Just recvd my settlement ck for $52.52..29 sept 2013. Hey, better than nothing I guess.

  2. Lawence C. Moore says:

    I never recieved my payment on lawsuit. I was notified that I’m supposed to.

  3. William Van Buren says:

    I was sent a post card notifing me that I had to do nothing. It is now Nov. 27th and still no check. I sent a registered letter that proved delivery but still no check. Do we have to get a lawyer for the small amount of the settlement. Please forward check immediately. Thank you William Van Buren,

  4. Jamesena Wise says:

    I never received any paper work from Bank of America about a settlement, but I received a notice that Country Wide changed over to Bank Of America and my mortgage increased and has increased again.

  5. Richard Butler says:

    I was also, told I needed to do nothing but have not received a check yet.

  6. grimes says:

    I was with boa for along time never got a check. I moved but yet I still never got anything from them saying I would be getting any money but yet my husband got a check from them I want to know where is my check please can someone tell me what I do to find out if my check was ever sent out and someone else cashed it. please give me a number to call or something help could really use the money if its mine.

  7. Donna Francis says:

    I just got a check for 13.89 but they took way more then that from me way back when jerks.

  8. Eddie Gates says:

    just got my check for 7.65….small price to pay from such a big bank

  9. Marvin T says:

    I just received a check for 56.11. Not sure how amounts were calculated but it will fill my tank for sure. I can’t complain.

  10. alvin crews says:

    Inever received my settlement or heard whats going on.

  11. Betty Simpson says:

    I never received my settlement or heard anything about this. I banked at Bank of America for 20 years

  12. Betty Simpson says:

    I have a friend she said she received 3 or 4 checks. Each one was anywhere from 1,000 to 5,000 Dollars.

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