Bank of America Overdraft Settlement Checks Begin to Arrive - $98.16

Bank of America Overdraft Settlement Checks Begin to Arrive - $98.16

In January 2009, we wrote about a settlement reached with Bank of America called Closson et.al., v. Bank of America. Nearly three years later I received my check and it was a nice surprise- $98.16.

In January 2009, we wrote about a settlement reached with Bank of America called Closson et.al., v. Bank of America. The settlement resolved a class action lawsuit filed over overdraft fees. According to the lawsuit, Bank of America engaged in practices which caused customers to overdraw their accounts more frequently. The bank settled the lawsuit for $35 million with an estimated payout of $78 per account.

As we explained in the original article, to claim the settlement, eligible customers needed to file online or mail in a claim form.

Nearly three years later I received my check and it was a nice surprise- $98.16. If you filed for the settlement award then look for a check in your mailbox over the next week.

For those of you who have questions about the settlement or haven't received your check, you can visit the settlement site for more information.

Sol Nasisi
Sol Nasisi: Sol Nasisi is the co-founder and a past president of BestCashCow, an online resource for comprehensive bank rate information. In this capacity, he closely followed rate trends for all savings-related and loan products and the impact of rate fluctuations on the economy. He specifically focused on how rates impact consumers' ability to borrow and save. He also has authored a wee


Comments

 
  • Mikey

    November 05, 2012

    26.70 for me. I don't remember signing up for this class action--I usually don't pay attention to these. Anywho, thanks for the cash back BOA, but I've already moved the majority of my banking to another institution. At least they don't charge 35 for overdraft, or 10 for the convenience of overdraft protection.

  • Pedro

    November 05, 2012

    I have got $9.46... I was expecting at least the narrowly $500 they took from me on overdrafts :-(

  • MikeC

    November 05, 2012

    So why is Bank of America still posting my debit card transactions from highest to lowest?

  • Vincent

    November 05, 2012

    This settlement did nothing to curb the problem because they're still doing this. They charged me almost $300 in overdraft fees last month by posting charges to my account from highest to lowest and out of order. My account was negative for a total of about 6 days (2 separate occasions combined) and I was charged 8 overdraft fees without using my card after the initial overdraft. For the first charge (rent) I knew it would cause an overdraft of about $60. I didn't use my card again after that (until my account was positive again) but was still charged 5 overdraft fees for things that I purchased BEFORE I paid my rent. 2 of the charges were almost a week before the rent payment and still posted after it and resulted in overdraft fees. What's even crazier is that 3 of those charges actually showed up on my account as "processing" at least a day before my rent payment, and still went through AFTER my rent payment. Also my rent payment went through in under 12 hours, whereas typically when I'm not in risk of overdrafting it takes about 4 days for my rent charge to show up, interesting... On the second occasion I was immediately charged an overdraft fee for an automatic payment (car insurance) that actually posted 2 days earlier than my car insurance company said they would charge me every month. Because that charge put my account negative, the 2 purchases I made on that same day (but before the car insurance charge showed up on my account) got me 2 more overdraft fees the next day. In total I overdrafted my account by about $70 over the whole month for roughly 6 days in total, but was charged $280 in overdraft fees. And to add insult to injury I received my overdraft settlement today for $1.45. 145 pennies. I've paid at least $500 in overdraft fees every year for the last 3 years or so due to these exact policies. And now that I've received my 145 pennies and didn't opt out of this settlement ( because I didn't know I was a part of the lawsuit) I can't even get any more than 145 pennies of my money back. BOA isn't going to get another dime that I worked for, I'm going credit union A.S.A.P.

  • david

    November 05, 2012

    i cant decide what to do with my $1.16

  • livinlife

    November 05, 2012

    I recieved $108.00

  • David.

    November 06, 2012

    I recieved $2.55. booya!
    keep this between us, I always had my overdraft fees waived cause my brother is one of the managers at one of the local banks. haha oh yeah!!!

  • Matt

    November 06, 2012

    I overdrafted way back when because it was my damn fault. If you're nice and respect the customer service people, they'll work with you. Just treat people right, and realize that what they work as might not be with something they agree on or not. I got $50, even though I've overdrafted $500+ in the past. That was my mistake back then, and a little bit of BOFA's; at the end of the day we all fessed up and trying to make right of the wrongs.

  • Yani

    November 07, 2012

    My account got credited $104 today. Still in the red though.

  • starr

    November 07, 2012

    I got a big 7.64 when they took 1000's how can this be right

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