(Mynews4 & KRNV) -- More than 13 million people will be getting a payment from Bank of America.
A federal judge has approved a 410 million dollar settlement between Bank of America and its debit card holders.
At issue: The way the bank handled overdraft fees.
The lawsuit claimed that Bank of America processed its debit card transactions in the order of highest to lowest dollar amount, so it could maximize the overdraft fees customers paid.
The bank raked in about 4.5 billion from over draft fees alone.
Despite the settlement, Bank of America insists there was nothing improper about the processing sequence.
Under the agreement, 13.2 million B of A customers who had debit cards between January 2001 and May 2011 will receive a minimum of nine percent of their overdraft fees.
Those who still have accounts will 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.
New regulations will prohibit banks from charging overdraft fees on debit cards without first getting customer permission.
An attorney said the average customer paid $300 in over draft fees and will likely get back $27.00.
If you'd like to know if you'll be getting money back, or for more information, visit Bofaoverdraftsettlement.com.