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
AND
- 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.
Follow Bay News 9's link to read about your legal rights and options in the Bank of America Overdraft Settlement.
Rosie
12:17 pm on Monday, November 14, 2011
I am a person in that class action settlement. I wrote to the OCC (who suppose to monitor banks) that BofA was holding up posting deposits, and did not post debit transaction when received, but posting transactions from higher to lowest in 2004. I received a notice from the Claim Administrator that I was in the class. Since I had my records, BofA owed me in the thousands. I wrote to the Attorneys listed for Dallas area. I wrote them again on Sept 28, 2011. Also, I called the Attorneys (have name) that is handling this Class Action. This Rep.that the Attorneys handling this suit will get 30% off the top of the $410 million, that is $120 million PLUS all cost related expenses. I asked if they had the name of all of the victims and how much is old and what was the amount. She said they have a list that BofA provided. I asked her to look my name up and tell what I would be receiving, and she said she did not know. But the caps on payments were in the hundreds of dollars. I ask how could they justify the contingency payment of 30% since they are working on my behalf and victims. She said that after they pay the victims (in hundreds of dollars if they are lucky), after their $120 million contingency fee and their expenses are deducted, they will donate to a non-profit.
Rosie
12:25 pm on Monday, November 14, 2011
I set BofA up to see if they changed their practices. Guess what, they did not. I wrote to the Chairman of BOA and he told me in writing that settled this and did not admit they did anything wrong and are continuing these same tactics today.
So, in about 5 years another group of attorneys will file a class action suit, get hundred of millions while the victims get nothing. Oh yeah about the Charity, I bet some one from the Law Offices will be on the board collecting a hefty salary and hand picking their friends and associates non-profit group. The raping of Americans continue as Corporations and their Lobbist are reaching their goal of making our society a class for rich and poor. Insurgency happens when people get this type of inhuman and insensitive behavior,and get rich of the poverity of it.
Alessandra Da Pra
12:48 pm on Monday, November 14, 2011
Indeed, customers are eligible for a refund of about 10 percent of any overdraft fees they were charged between January 2001 and May 2011, not the full amount.
Juanita
4:01 pm on Saturday, November 24, 2012
I never received anything from bank of america. I was a customer from 2007-2010. What should i do?