Bank of America Could Owe You Money
More than 13 million customers are eligible for a refund from Bank of America after a federal judge approved a $410 million class-action lawsuit settlement this month.
Bank of America could owe you money.
More than 13 million customers are eligible for a refund from the multinational bank after a federal judge in South Florida recently approved a $410 million class-action lawsuit settlement, Bay News 9 reports.
The lawsuit claimed the bank charged excessive overdraft fees from January 2001 to May 2011.
Bank of America posted debit card transactions from highest to lowest dollar amount, and that increased the chance customers would overdraw their banking accounts, according to Bay News 9.
Both former and current customers will get about 10 percent of any overdraft fees they were charged during the 10-year period.
You are eligible for a refund if:
- you owned a Bank of America consumer checking and/or savings account that you could access with a Bank of America debit card anytime between Jan. 1, 2001 and May 24, 2011
- you were charged one or more overdraft fees as a result of Bank of America's practice of posting debit card transactions from highest to lowest dollar amount.
If you are entitled to receive a refund, you do not need to do anything to get it, as you will automatically receive a payment or account credit.