A federal judge has given final approval to a $410 million settlement in a class-action lawsuit affecting more than 13 million Bank of America customers who had debit card overdrafts during the past decade.
Bank attorney Laurence Hutt said 13.2 million Bank of America customers who had debit cards between January 2001 and May 2011 would get some payment. Those who still have accounts would get an automatic credit and the others would get a check mailed to them.
No one would have to take any action or fill out any paperwork.
Barry Himmelstein, an attorney for customers who objected to the deal, said he calculated that the bank actually raked in $4.5 billion through the overdraft fees and was repaying less than 10 percent.
Story by Curt Anderson for the Associated Press
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Morning, Any idea when they will begin paying out?
Sorry no, but will publish as soon as I know.
So when are the same lawyers going to go after Suntrust? Because they do the EXACT same thing!
So, how is the money going to be distributed after the lawyer takes his part?
I am sure that it will be a long time before the payments go out. I received a postcard via US mail a few months ago claiming that I was part of this settlement and I have not heard anything since. They left a phone number on the post card but it is basically just a recording. Unable to actually speak to someone.
So that’s roughtly $13.22 per customer that will be refunded. What a waste of time. We had literally HUNDREDS of dollars sucked out of our account with BofA during that time.
Kenny, you are right. The lawyers made the real money. The questions are: is there a better way to deter improper corporate action than class action lawsuits? Maybe we could require class action lawyers to randomly chose a dozen plaintiffs who could hold their feet to the fire and require hire damages or less money for lawyers? I don’t have the answer.
Will small business accounts also be included?
I don’t think so
I closed my account and moved. How will I get my portion of the settlement?
you may need to get contact the law firm handling the suit or Bank of America
They raked me for a minimum of $3,000.00 or more over the years, am I right in understanding we are getting a “percentage” back based on their actually “looking at each individuals case?” Or will someone with only one transaction receive the very same as I do?
A lot of websites have listed that we will recieve 27 dollars. .I think judge more for the lawyers than the victims which is totally unfare
I received two checks- one for my wife and one for me on Monday 21st. they were for about $17 each.
Bank of america took ove 9000 dollars in over draft fees I live off less than 14.000 a year and to get back way less then they took what a rip off
If you look at the site, it now says that because 1 person objected to the deal that it will now take between 1 and 2 years to get it finalized.
I got a check today for 98 dollars and change. Total surprise!
I haven’t received a credit as of yet, but someone is saying they already received checks? Wow, I would of thought the credits would be handled first.
The $98 checks are for an older settlement, the Closson et.al., v. Bank of America in Jan 2009. The settlement of which we speak is from Nov 2011, and I doubt any checks have been mailed or will be mailed in the next months. I bet it’ll be close to 1.5-2yrs from Nov 2011.
KK
IAM CURRENTLY OVERDRAFTED WITH THEM NOW AND IAM HAVING SO MANY PRBLEMS WITH THEM DURING THAT TIME THEY TOOK CLOSE TO 1000 FROM US IAM SO DONE WITH BOFA IAM CURRENTLY BANKING WITH SOMEONE ELSE SO MY ADVICE IS BANK SOMEWHER ELSE!
* I used to work for Bank of America and since Banks can no longer charge fees like the the past, they do other things to make the money up.
Example: In the disputes department, employees had the freedom to dispute anything the customer wanted. Now, employees have to interogate the customer to see if the dispute can be won. Employees were instructed to to turn customers down if the dispute was not solid. The bank wouldn’t even make the attempt for the customer because of the cost to the bank.
When will we recieve our share of the settlement money Bank Of America owes us. Thank You Philip sharp