Bank of America Overdraft Settlement

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Updated: 11/08/2011 7:05 am
(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.
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JayGould - 11/14/2011 3:30 PM
0 Votes
Just as all big banks have by now decided to abandon debit card-related fees, they have started charging all kinds of other fees. Here are a few examples: *Bank of America now charges a $5 card replacement fee ($20 for a rush delivery). Additionally, BofA's basic MyAccess checking account now comes with a maintenance fee of $12 a month, up from $8.95. *U.S. Bancorp now charges 50 cents per mobile payment deposit. *Starting in December, TD Bank will be charging $15 for each incoming domestic wire transfer. The list goes on, but the point is that when the dust settles, banks will have managed to recover all revenues they lost when the debit interchange fees were slashed by the Federal Reserve in the wake of the passing of the Durbin Amendment and consumers will be footing the bill. Great job, Sen. Durbin! http://blog.unibulmerchantservices.com/debit-card-fees-may-be-gone-but-overall-banking-costs-go-up

Bigdreams2011 - 11/8/2011 7:48 PM
0 Votes
This dosen't make any sense. We can't won for nothing but, we are the ones getting screwed. If it wasn't for us getting screwed then the Lawyers wouldn't be getting paid. Give us our money.....

Power4people - 11/8/2011 2:10 PM
1 Vote
Ernest runs for the Senate---------The late Jim Varney's role is re-cast with an experienced actor Harry Reid. Laugh as Harry says things like "light skinned" and "with no Negro dialect, unless he wanted to have one." For his age, Harry knows his limits and confesses that 'Men, when they're out of work, tend to become abusive' . His sense of smell is as good as a younger man in his 60's because he says " You can always tell when it is summertime because you can smell the visitors. The visitors stand out in the high humidity, heat, and they sweat. " He told a Las Vegas Review-Journal executive, " I hope you go out of business." ...Watch as Harry fights truth, justice and the American way . Easily as good as Ernest runs for the Presidency.

kdavis52 - 11/8/2011 10:45 AM
0 Votes
The now defunct Washington Mutual was worse for overdraft charges. I used to work for them in California at the call center. People in Florida were getting charged $47 for an overdraft fee even if it was only a $3 overdraft. Now the way I look at it. If you keep your checking straightened out and you KEEP TO A BUDGET you won't get any overdraft fees. Doesn't that make sense? Hmmmm!? I've had like 3 overdraft fees since 1995 with B of A and it was MY OWN FAULT and I didn't question it.

NevadaScott - 11/8/2011 8:04 AM
0 Votes
"An attorney said the average customer paid $300 in over draft fees and will likely get back $27.00." So it's not just the banks that are screwing the customers, looks like the attorneys are doing a bang up job as well! #OccupyReno occupyreno.org Stand up!
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