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Bank of America Settles Overdraft Fee Lawsuit

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If you qualify for the Bank of America overdraft lawsuit settlement, you may have already received a postcard in the mail from the bank. Here is information on the overdraft lawsuit, only one of many class action lawsuits against Bank of America. If you recently received a check from Bank of America for about $98, you have received a benefit from an earlier class action lawsuit pertaining to the bank’s debit cards. This article pertains to a later lawsuit regarding overdraft fees.

November 21, 2012 update: Former Bank of America customers are reporting receiving postcard checks. All checks will be sent by November 30, 2012, so some former customers may receive theirs in December. Current customers are receiving their refunds as account credits, as described below.

November 2, 2012 update: The appeals filed after the judgment of settlement was announced have now been resolved. Bank of America customers who were part of the settlement class — those who initially received a postcard informing these customers of their involvement — should receive an account credit or a check to their last known address by November 30, 2012. The amount each customer might receive depends on how many overdraft fees were charted during the period outlined in the class-action lawsuit, but as expected each customer will receive only a fraction of what Bank of America charged in these fees.

Some customers have already reported receiving credits in their Bank of America accounts.

Here’s how the amount is calculated, somewhat simplified. Bank of America re-ordered the debits that caused overdraft fees during a certain time period beginning in 2001 and determined each customer’s amount of over-charged overdraft fees. That amount was reduced by any uncollected amount (if an account was closed with a negative balance). If one customer had $100 in adjusted overcharged fees and Bank of America was determined to have $10,000,000 in overcharged fees total, that customer’s share is 0.001%.

If the total settlement available for class members (total settlement minus lawyers’ fees, expenses, etc.) was $1,000,000, the customer would receive 0.001% of that, or $10.

September 2012 update: It’s been nine months since an appeal to the judge’s decision has been filed, and there is still no resolution. The $410 million awarded to the settlement class is still in dispute.

December 2011 update: While the judge has approved Bank of America’s settlement related to the overdraft class action lawsuit and has ordered Bank of America to pay $410 million, a member of the settlement class who objected to the settlement has filed a notice to appeal the ruling. With an appeal filed, it could take at least a year for the issue to be resolved. If the appeal is denied, customers may still be disappointed. With 13.2 million affected customers in the class and fees to be paid from the settlement fund to the lawyers and class representatives, the benefits each customer will receive are sure to be less than the value of a refund of even one overdraft fee.

Any compensation to affected customers is on hold until the judge enters the settlement and any appeals are filed.

Like many banking institutions, Bank of America processes debit transactions not at the time they occur, but in a batch, from largest to smallest. If they don’t still take this approach currently, they did in 2009 when a class-action lawsuit combined several other legal actions. 24 other banks in the United States and Canada were named in the class-action lawsuit, including Citigroup, Chase, and Wells Fargo.

The banks say that by ordering debits from largest to smallest benefits customers. For example, mortgage or rent payments are generally the largest debits, so they should receive priority and should be the first to be paid. This is not how it works in practice, however. The system is designed to make more money in fees, particularly from the paycheck-to-paycheck class of customers.

For example, five debits may be scheduled to post on a Monday:

  • $800 mortgage payment (check)
  • $200 purchase at the grocery store (debit card)
  • $100 withdrawal at a different bank’s ATM
  • $25 purchase at the book store
  • $4 coffee

That’s the order the funds will be taken from this person’s account. If there is $900 in the bank account, the mortgage payment will be processed, but the four other transactions will generate overdraft fees, one for each, likely totaling more than $100. If the debits were processed from smallest to largest, only the mortgage payment would cause a problem, and the check will bounce. This could cost the account owner less money, but a bounced mortgage payment could be troublesome.

In the more likely event that there is only $500 in this checking account, ordering debits from largest to smallest ensures nothing will go through without generating a fee. However, ordering the debits from smallest to largest, only the mortgage payment would bounce, and there would be no overdraft.

Bank of America will be paying $410 million to settle the class-action lawsuit, which also notes that the banks did not tell customers they could waive overdraft protection, allowing certain transactions to fail rather than paying a fee. Not every bank handles activity posting the same way.

The deadline to opt out of or object to the settlement was October 3. The official website for the settlement is bofaoverdraftsettlement.com.

Photo: Wonderlane
Reuters

Updated November 21, 2012 and originally published July 12, 2011. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.

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About the author

Luke Landes is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about Luke Landes and follow him on Twitter. View all articles by .

{ 1414 comments… read them below or add one }

avatar Sandi

Well another thing to ask questions on about where our big $$$$ is from the BOA overdraft settlement claim we are suppose to get. Suppose to get in an evelope that looks like junkmail…so some may have already tossed it (hummmm now what???) I say now what cuz all these places you can comment & ask questions on has anyone gotton any real answers from the the people to person who has correct information??? I didn’t think so. Lets all subscibe below & take a chance at being hacked too….why not BOA hacked us & is continueing to do so. What did those Lawyers walk out with as far as $$ bet te $$ is in their pockets now as we try to get our chump change owed. Me pissed can you tell??

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avatar Luke Landes ♦127,500 (Platinum)

Because the settlement is being appealed, it could be a year or more before those represented in this class-action lawsuit (those who received a postcard identifying them as such) ever see any money.

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avatar James Zachery

Received the postcard. nothing else. It is hard to find the information that will lead you to the factual evidence of receiving the settlement.

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avatar Mary

recived two post cards and nothing else. I think that the lawyers are the ones with money in there pockets. If It wasnt for us who they messed with and took from us, they wouldnt have the money in there pockets that they have. HMMMM sounds like someone is screwing someone .

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avatar silivos owonka

i havent even been sent anything by bank of america in any form and i have the class action lawsuit postcard

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avatar lisa jenkins

i got a postcard in the mail to and haven’t be sended anything back from the bank how do i get it .I have been with this bank since 2002.

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avatar Sandi

What….we may have to wait another year for just 98 dollars & change???? Are you serious??

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avatar Luke Landes ♦127,500 (Platinum)

The $98 is the amount people have been receiving for a different lawsuit settlement (the Closson case). The article you’ve subscribed to refers to the checking account overdraft settlement, and the amount customers will be awarded isn’t final.

This other link has information on the various Bank of America class action lawsuits:

http://www.consumerismcommentary.com/bank-of-america-class-action-lawsuits/

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avatar georgene

IM SO SICK OF BIG COMPANIES PLAYING WITH THE COURTS WHILE THE AVERAGE AMERICAN GETS SCREWED OVER. GUESS THEY GOT PLENTY OF TIME AND OUR MONEY TO PAY ALL THOSE LAWYERS.

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avatar ned

The worst part is they are doing it still so they will be able to screw us again. They just got me for 2 more overdrafts. I checked my account and it said my direct deposit was there 8-16-2012 and I withdrew money and it gave me a screen that said there may be an overdraft fee. Since I knew the money was there by checking on-line I agreed. Now they say it was processing and the money wasn’t actually there. I hadn’t noticed they charged me $35 and I made another purchase that would have been with-in my budget. Little did I know they had taken the $35 and I was overdrawn this time only because of their unscruplous ways to screw the poor and give to the rich . With-in the USA’s laws when you have billions of $$$$ of Americans money to hire crooked lawyers. Of coarse its our Billions they used to hire the lawyers.

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avatar SpeakinDaFacts

All I can say is…I broke free from BofA because of their assine way of doing business. Karma came back to bite them,rightfully so! Charter One has my business and am pleased thus far with them.

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avatar Dino

Yeah in agreeance with most, if we were to receive any monetary payout, it would not amount to the insufficient fund fee they charge right after purposely sending your account in default. Again like it was said the lawyers walk away fat pocket, while we are the pawns used to make RICH get RICHER !

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avatar Maddy

BOA has thrown me in a tailspin and I’m stil trying to get caught up. You are so right this suit seems to be for the lawyers NOT the people who were effected the will get millions and we might get 34.00 ??? Can’t get in touch with anyone about . They did this to me several times after told it wouldn’t happen again, The they closed my account because of suspected fraud and gave me a hard time about getting my money out had to wait BOA is the worse.

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avatar rick

I had the same exact same thing happen to me at BOA they happen to be the only bank in the industry that will say that they will look for your best interest but by far that’s what they do they look out for there best interest & not the customer! I would never bank with BOA ever again cause of there practices with the current economic situation is to get the customer anyway they can just to be a #1 force in the Banking industry of America !Shame on you BOA remember this country was built on hard work & what you get for your money is not what a Banking giant can do to its customers by taking there money anyway they can “Big Shame On You”

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avatar ned

What I wish I could understand, Back in 2008 when the economy went bad. Why did B of A get any bailout money? They had $440,000,000 of our money at that time. It just goes to show the Government is in on this too. They were the first to pay back the money to the government because they never needed it in the first place. But I bet several people made a mint off the money while they had it. Bernie Madoff was no different than B of A except he stole from the rich not the people struggling to get by week to week.

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avatar Patricia McEwen

I have been a bank of america customer since 2007. I went back through my old bank statements. I was charged 400.00 or more a month for years in bank fee’s.. no lie.. . I have read various articles on the refund to the lawsuit that we would get.. some articles say minimum 9% , this article says maybe one fee.?? I think we should all get our fair share.. isnt that the point of this whole thing? why should only the lawyers and the 5 or whatever people get money? We didn’t think it would be possible to ever get our money back or let me assure you,, I WOULD have fought for it… I like many others out there.. I need my money.. Im a single mother out of work for a year because of breast cancer.. many times when boa was taking my money.. my son and i went hungry.. no lie.. God knows.. SOMEONE PLEASE FIGHT FOR US…. PLEASE……..

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avatar ned

I was asked not to keep posting my petition on this site so if you could find the post that lists a link to sign-on.org there is a petition with 39 signitures as of today we need 50 to get sign -on to take it seriously ande get many more people to sxign it weather they are involved or not. We need there help to fight B of A the leaders of the 1 % we all need to put a stop to them and make them pay everything they have stolen from us. its been month Flexo I’m posting again I’ve gotten so close here is the link if its not deleted. this is a true petition not spam. just 11 more signitures and we’ll mhave the support of sign-on.org and moveon .org

http://signon.org/sign/bank-of-americas-scam?source=c.url&r_by=1956250

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avatar Luke Landes ♦127,500 (Platinum)

Ned,

I strongly suggest that if you’d like the petition to be taken seriously that you have an editor review the text. There are typos and errors that should be corrected. I know I’m not a perfect writer, but for the petition to succeed it must look professional. I’ll be happy to get behind the issue and support your petition if some of these things can be fixed.

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avatar Patricia McEwen

I do agree with re writing the petition.. I started a petition , for the government to amend the Employees with a Disability Act.. In some sort of way so that when an employee ends up with cancer, that their employer pay them or their insurance provider , the one we pay for out of our paychecks,, Pay us 100 % while out on treatments and recovering,.,. not the 60% with a cap of half our normal income.. I fought more for my half of income than I did my life.. When I wrote it, I took time to make sure the spelling , punctuation, and even the statement alone was correct, professional and appealing.. Thanks for reading,
Patti

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avatar ned

Its done electronically and can’t be rewriten. I wish you had said that before when you told me not to post it so often. the only way to do it, I would lose all the signitures and you could have said something back when I started it and there were only a few signitures . that just shows how unprofessional you are. Your a pain in the ass for pulling this now thanks for absolutely nothing. all I need is 11 more signitures and sign on will take it from there and they could probably rewite it but no thanks to you that might not happen.

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avatar Luke Landes ♦127,500 (Platinum)

Ned,

It’s not my job to edit what you write outside of this site. My objection to your multiple-daily posts linking to the petition is the same objection I have for all visitors who repeatedly link to external sites. That has nothing to do with the quality of the writing in the text of the petition. I was just offering some friendly advice — won’t happen again, don’t worry. You don’t need my support for your petition to succeed… I’m happy someone’s doing it. Good luck with it. If I’m a pain in the ass, don’t visit this site again — and don’t use it to promote any project you happen to be working on.

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avatar Deborah Mc Daniel

Hi Flexo thank you for the information on the 410 million dollar law suit. Concerning the overdraft fee.

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avatar Patricia McEwen

how will we know when the appeal is settled and that the judge has ruled his final decree.. How will we know when we can start expecting a refund of our fee’s?

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avatar Norma Mckinney

How do we know when these settlements are settled. Or when can we expect our refunds?

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avatar Luke Landes ♦127,500 (Platinum)

Just a reminder to everyone following this article: the settlement is being appealed. It could take a year or more before the case is resolved, so those who received a postcard won’t receive any proceeds from the settlement for at least a year. This pertains to the checking account overdraft litigation, just one of several class action lawsuits against Bank of America; this is the one you’re involved with if you received a postcard.

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avatar Jerry Aspinwall

The card I got in the mail mentioned $3500 & $7000. What happens if you move away from the address they sent the card to? I moved.

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avatar Patricia McEwen

I only received one postcard back in Oct or Nov. I am still and have been a customer of BOA since 2007. I have not received anything else. They have my address. I went through bank statements from 09. 08, etc.. and I was paying over 300 a month EVERY month for years.. Is there any new information on the amount we will all receive ? There is no way it is going to be 1 fee. how is that even justified.? CROOKS ! My son and I went hungry.. I had to surrender my car in 2009 because BOA was eating up my paycheck every week that I would have a deposit,, they took it,, I would call them crying hysterically.. If you add up 300 + a month…. for over over 3 years at least… That is over 11,000.00 I could have paid my car off… I am a single parent.. not that I am any worse off than anyone else who has been ripped off by these people.. Im just sayin…THIS is so unfair..

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avatar Carlo E. Iwen Sr.

Every month the same would happen to me .I would call talk, argue with little if any resolve. Bank of America,s board of directors knew that there policy was corupt but figured they would have still made a profit if ever challeged.These guys should have to do jail time in conjuction with paying full restitution.

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avatar Lucille English

How or what do I need to do to get my refund . I recevied a letter stating i was in tited to this but have not heard any thing else . what do I do . thanks

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avatar oneof99%

Whatever you do, don’t hold your breath.

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avatar Patricia McEwen

you got that right..

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avatar lamario carlock

What do you have to do to find out if you are eligible?

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avatar lucille english

I have not recived any cash and i have the card where bank of america has a lawsuit going on when will they be sending out the rest of the pay out to those of us who have not recevied it yet thank u Lucille

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avatar Joyce

Can someone please tell me when will we recieve our checks from BOA.

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avatar doug pressnell

I have never received anything from BOA. I think that they must have hired their own lawyers to sue them. I got screwed on this deal and the attorneys made a bunch of money! Simply wrong.
I never received the postcard either.

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avatar oneof99%

I know this has been stated already on this site but for the benefit of people still wondering where their money is, when they’re going to get it and how, why, where, etc. I’ll try to explain (as far as my understanding goes.) BoA sent out postcards to people who currently have accounts w/them. If you had an acct w/them and ditched them (perhaps because of the overdraft fees) you did not get a postcard. (Why should they? You’re gone.) The few of us who got ‘raped’ by them and stuck it out for some inane reason; we got postcards. They gave us a choice. If you wanted to be included in this $413 million-dollar class action lawsuit all you had to do was….nothing. Easy. Take no action and you’d be automatically included in this lawsuit. Easy….done! No action…done! Just think when it’s over and BoA is forced to fork over the money (instead of ‘forking over’ us..haha) we’d all get our due. Now, remember I’d said we’d been given a choice whether or not we wanted to be included in this lawsuit? Some of us didn’t want to be included in this class action suit (CAS.) Some of us read the fine print and said to ourselves, “Self, I don’t buy this CAS and I don’t want to lose the opportunity to take BoA to court (if I chose to) for these issues and the countless other illegal shenanigans they’ve used to get more money from our poor pockets. For all of us who accepted inclusion (by doing nothing); gave away that right to sue BoA for these issues.
As it turns out, some our fellow BoA abused-victims who made the call and said, “I opt out!” did just that. They took themselves out of this charade. A few went even further and shouted that they didn’t agree with this class-action lawsuit and demanded to heard…(I believe going to Florida and speaking at the trial.)
It seems that because the lawsuit was contested…it now has to be investigated further which means that until all this B.S. gets figured out; the only ones seeing any $’s are the lawyers and the original crew (of BoA customers) involved in this case.
Whatever is left is supposed to be divided among the rest of us (not evenly either….its based on how much was originally stolen.) You can have mine….

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avatar Maria

I had dumped BOA because of this issue and I did get a postcard.

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avatar donyella

Me too…get your facts straight.

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avatar heather

i was custoemr since 2003 and closed the acct around 2011 and opened other account with bank of america few months later… i still got the post card…. i was their customer for over ten years.. hopefully we get our money soon

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avatar Gayle

Not true – I used to have 3 accounts – I still have one of them – I got postcards for ALL THREE.

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avatar Julia

I received a postcard almost a year ago. Now I am getting a sad 98 bucks for fraud postings. I think we should get no less than the lawyers. We are the one’s suffering trying to make it in this hard economy and to have a bank do this on purpose and with fore thought is mind blowing that they were not made to shut down.
I would like my money that is mine back in dew time.
Enjoy our hard earned money lawyers and BOA.
We built this country on hard days labor earns hard days work not screw the costumers so we at BOA can profit. If you bank with them you are wrong…..

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avatar Deb

Ms. Julia, I agree whole heartly with your comment. We were the victims but was treated like the thieves and the lawyers got paided and we got nothing. How fair is that?

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avatar Lucille English

I have not recevied any thing on the lawsuit . when are we going to get any kind of settlement from this .

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avatar Marsha Thompson

Also received a post card. Where is the money?

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avatar Ed

I did receive a postcard a while ago. I was a Bank of America customer for about 12 years, and back when I was in my early 20s and struggling as a student, they would charge me 29 dollars for being over draft for miserable 6 cents, which would put me further down the hole. After I went through all the overdraft fees they charged me, it came out to about $1600!! And bear in mind that most of those charges were always for overdrafts of less than 10 or 5 dollars, and many times for overdrafts of less than $1. Sometimes they would hand me over 2 or 3 overdrafts at once. So, Bank of America would pay an xtra 2 o 3 bucks for 2 transactions, an then would charge me 60 for the favor… So, after 12 years I realize that the Big name Bank of america was just getting rich on my back!

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avatar Queenb

My sister got a post and a letter. And she still haven’t heard nothen

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avatar JIM

All this sounds like the bank and the lawyers won the battle and the customer is still getting ripped off by the bank and lawyers, it should be customers first period. I was in Iraq when I was getting overdraft fees and had no money most of the time and a wife whos father had died and was not doing nothing but mornin over her dads death. So being in a lawsuit like this I was hoping to get my $13,000.00 back, but hope is a sinking ship these days. And yes I have not seen a penny of this money I am suppose to get back.

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avatar 1 of many Financial suppliers for B of A

Yes the banks have won and the lawyers can retire after this is settled. This country needs to change things when it comes to class action suits. The lawyers should only be aloud 1% of the total amount decided on, That way they will fight for Us not play around and not give a crap because they will be able to retire with the laws now. I actually think all class action suits should be pro-bono. The Lawyers didn’t lose a thing and they will get our $$$$. Most good lawyers don’t need our money, they make enough to afford better than most US citizens. I would never ask a dying man if I was in his will. but B of A and the lawyers would make promises to help the dying man if He signed over 33% of his wealth, Even though there is nothing they could do.

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avatar Ms. Hillery

I was notified that I qualified for the lawsuit, they contacted me about two years ago…to this day I haven’t received anything yet. What is going on, can anyone contact me on this. I even sent updated information as to my whereabouts.

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avatar Luke Landes ♦127,500 (Platinum)

As it says in the article at the top of the page, the settlement is being appealed and it could be a while before the judge makes any new decisions… in other words, affected customers (those who received postcards) will not be getting money from the settlement for many months or possibly years, if at all.

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avatar monica valadez

I also got the card n havwnt heard nothing not only that i still bank with them n now im so mad bank of America is still doing this practice i just got $105 in over draft fees when their was not only enough money to pay 2 payments that where being processed but had already been deducted from mi acount stating that at the end of the day the highest trans action poste d firs i told them i wasnt paying them n the girl that helped me had the nerve to tell me that if i didnt deposit the amount of the fees they were going to caharge fees over that to n plus i couldnt open n acount in any other bank what can i do?

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avatar Maddy

Monica, I got similar info before I even knew there was class action. Find a new bank now they don’t have enough time to report it. Thenclose your account. Thats what I had to do . I found a great little bank that has great customer service and processes transactions lowest to highest like most other banks. Bank of America are theives, the CEO has more money then I will ever see in a life time. This lawsuit is for The lawyers, I figure we should get all fees back and I know we all have had pain and suffering due to BOA.

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avatar Carlo E. Iwen Sr.

open another account with another bank then just ignor any thing bank of america has to say to u

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avatar Lamoy

I commend BOA for finally taking action regarding the fee procees. During that period
2001-2003, BOA posted transactions causing me to be overdraft MANY times.
They owe me thousands. Apart from that, I do see an improvement now.
If you use your debit card and don’t have any funds, they will not allow it to go through.
Now if u have an automatic payment like Geico insurance, it will. The fees will
Be shown initially but it will then be removed if there were funds in the account.
What I don’t like is the $35 extended fee charge added after 5 days. The reps I’ve
Encountered recently are much more customer friendly and they care. If you are nice
To them they will listen and possibly remove the fees.BOA has a much better system than before
The # for BOA settlement inquiry is 18003722390. Its a automated systm but helpful.

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avatar Jim

hey Lamoy, How long have you worked for them?

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avatar Ned

well put Jim

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avatar linda

I think it sucks that the people want to give out bonces for those who helped with the suite, but they don`t want to pay all of our fees back.why not it`s our money they took 35.00 at a time they should give back 35.00 at a time.what about the money we had to make up. like late fees to the utility coumpies ,the late fees and overdrafts to the credit card people.thats not counting the money some of us had to borrow from friends and family,Two years ago right at christmas time the bank took five weeks of my paychecks for overdrafts.I had to borrow money just to feed my family.The money should come back to us, whatever is left then give to whoever.

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avatar Sandi Stanley

This is exactly what happens when Banks go globel folks. It’s written in Banks contracts that cann’t leave the state they are in however BOA found away around it & tons of people will continue to lose their $$ because it’s easier for BOA to pay 30 cents on a dollar in law suits. BOA’S DOORS REALLY NEEDS TO BE CLOSED….THEY”LL KEEP ROBBING!!! THEY ARE ANYWAY I SAW THAT LADIES POST THAT THEY ARE STILL BOUNCING CHECKS THE WAY WE ARE WAITING FOR RESTITUTION.

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avatar REGINA BREWER

IN 1995 MY HUSBAND AN I BANKED AT BOA IN SHAFTER ALL THO ONLY ONE HUNDRED AN THIRTY DOLLARS…IN MY ACCOUNT AT THE TIME…I HAD WRITTEN 5 CHECKS IN THE AMOUNT OF 125 DOLLARS…AN EVERY ONE OF THEM BOUNCED…I HAD TO GET ALL MY ACCOUNT INFO. AN GO TO THE BANK …AN UPON THAT..THEY RETURNED MY CASH BACK TO MY ACCOUNT..BUT REFUSED TO PAY THE OVER DRAFTS BACK TO THE MERCHANTS. AN CHARGED BACK INTO MY ACCOUNT..STILL AFTER ACCEPTING THE ERROR WAS MADE ON THERE BEHALF…AN AFTER LONG CALLING THERE CORP.OFFICE AN BEING PUT ON HOLD…SOON MY ACCOUNT WAS CLOSED AN MY CREDIT WAS IN QUESTION FOR YEARS…AN I HAD TO WAIT 7 YEARS FOR IT TO COME OFF MY CREDIT REPORT..SOON AFTER I SEEN WHERE BOA HAD TO PAY THE PEOPLE IN A LAW SUITE MILLIONS STILL TO THIS DAY ..I’V NOT BEEN COMPENSATED FOR ANY OF MY LOST ..DUE TO B OF A ERROR TO MY ACCOUNT…..SIGN WEHERE’S MY JUSTICE

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avatar Maribel Cortez

I received a postcard regarding the over draft lawsuit against bank of america. I have not received anything else from bank of america as I use a post office box and my p.o box has changed. My p.o box now is p.o box 2202 League City, Texas 77574 my email address is mcortez_127@yahoo.com please contact me with any returns money I may have. Thank you.

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avatar Susan Reali

I also have moved. The postcard was sent to 4685 High st, Denver Co. Please send any monies to 133 Evergreen Rd. Black Hawk, Co 80422

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avatar stef

ITS MY MONEY AND I WANT IT NOW!!

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avatar Ken Arnold

Read the Top of the page;

With 13.2 million affected customers in the class and fees to be paid from the settlement fund to the lawyers and class representatives, the benefits each customer will receive are sure to be less than the value of a refund of even one overdraft fee.

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avatar Norma Mckinney

It is the principle of the thing , even if we only get $10.00 they will know you can’t treat customers the way they have. NM

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avatar Todd Stay

The point is this the whole time they dick around with lawyers who are laughing their way all the way to the B of A. The Bank is continuing to make interest off the millions, if not billions, they took from everyday customers like you and me. When they finally do pay the fine they have covered with that interest, their just gonna go right back to doing it all over again. Their really no different from the common grifters we have to try to avoid everyday. I say we resort to the old fashion ways and run them out of town on a rail. I know if I had stole billions of dollars from milliions of people I’d be behind bars, so what’s really going on?

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avatar Judy

CAPITAL ONE is doing the same thing as Bank of America…..they are stealing money from us..PLEASE INVESTIGATE THEM…they are charging 35 plus 35 plus 35 for small amounts you purchased to make more money from customers…..Also, I haven received anything from Bank of america!!! What hapenned!!!

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avatar judith

Hi!!!!
I HAVENT RECEIVED ANYTHING AT ALL!!!! WHAT HAPPENED? ALSO CAPITAL ONE IS DOING THE SAME THING ..THEY ARE CHRAGING FOR AMLL PURCHASES FIRST AND THEN THE LARGEST PURCHASE..THAT WAY THEY GET MORE MONEY FROM FEES THAY JUST DID THAT TOME TODAY….PLEASE PAY ATTENTION TO THIS ITS TRUE!

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avatar Adrian

I think we should put Bank of America out of business, and stop banking with them. Boycott ;) that’s whats really going to affect them. I’d like to see how far they’d go to keep their customers then.

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avatar veronica carson

Not only did they charge me overdrafts but they allowed someone to take monies from my account that belonged to my deceased sons children. they started to settle with me then backed out after offering to make me whole. bank of america is the equvilant to slumlords.

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avatar Lori Hightower

The only ones to ever see any money will be the blood-sucking attorney’s and we’ll get zilch for them using all of our names…. The last I heard we’d get checks by August….now they are saying we might get enough to cover 1 overdraft…BS!@$$^% AND Bank%^&^ Of#$^#%$ America!@%) IS STILL IN BUSINESS…..YOU KNOW THEY MADE MONEY OFF THE PEOPLE….

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avatar Melissa Guy

I was a customer and boy did they hit me with hundreds and hundreds of dollars in fees. I am no longer a customer with Bank of America and haven’t been for some time. How am I suppose to get my money if they don’t have my current address, what should I do? I would like my share also.

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avatar LEESAID57

Yes i was a customer of BOF and yes i got hit with plenty of extra fees… So far the only thing i’ve gotten was a postcard but no money. Has anyone here get a check and was it worth the wait?

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avatar Carlo E Iwen

The pathetic and questionable part of all this is that the Goverment chose to bail this bank out with our tax dollars, so they rip us off twice.
Whats really going on? Food for thought!

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avatar Staci

How much interest do you think that BOA is earning on our monies? Think about this…the longer they wait to pay out the more interest they gain for them. THIEVES.

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avatar gary

Have not received anything, still waiting and they are still at it with the overdraft fees when will this stop time to change banks .

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avatar Natasha Smith

I have unclaimed money from bank America Michigan and I need a letter stayed that asap.

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avatar ned

I wish there was a way to get this suit into the news. If more people knew what B of A was doing they might have a good idea for a solution, or B of A might change their ways. Just think loan sharks are illegal. What B of A is doing is even worse. Charging $35 for $5 overdraft They should be limited to 35% or $35 which ever is smallest. Loans sharks don’t even get percentages like that. I have not found one live person near me that has heard about this suit, If more people knew it would be much different.

Vote Bernie Madoff for President in 2012 “He steals from the rich, Not the poor”

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avatar Erin

Is anyone still having problems with bank of America posting their debit card purchases? I still have problems, everyday the transactions are arranged differently. There is not pattern as far as dates or amounts, but it seems like I have more money and then I look and the transactions have been rearranged with the newest purchase. It’s very sneaky.

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avatar ned

It is arranged in the order they pay funds out. I am in default right now as they charged me 2 $35 fees for being overdraft by $.01 yes 1 penny and it was because they first charged me when My direct deposit last thurs night was in my account and I went and withdrew $100. When I withdrew it, A screen came up on the ATM stating I may be charged an overdraft fee for the transaction. I knew I had funds as my check had been deposited as it is every week. I said yes because my funds were there they had no right saying I didn’t have funds. Well they claim the funds weren’t in there or I wouldn’t have seen the screen but I checked on-line before I withdrew it so I know for a fact the funds were in there. They then claimed it must have been processing, never before had I had this problem. The next day not even knowing the fee had been withdrawn I withdrew more and not knowing. They had charged me I got another charge. They rearranged things so I had no idea how much I really had. I did the numbers in the order I used my card and it turns out I was over by 1 penny and charged $70 so its ok for a bank to charge 7000% interest on loans I guess. next time I withdraw money or use my card for a purchase. I will do a screen shot of my account and call a lawyer as the class action suit was for previous crap they pulled. This time I will have my own suit and as we all know B of A lost the first suit so my lawyer will have a case to refer to.

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avatar michelle barrow

I worked at BOA for 10 years, I started in 1996, at our first regional meeting I asked our regional exec, why did we defrault our customers reguarding overdraft fees, being the rookie on the scene, not fearing my position, I took a chance, I was told by my superiors, that the customers should read the disclosure and was asked to sit down. So I must say I am pleased that this injustice has come to attention of all who have been ripped off. I wonder how long they are gonna draw interest on the funds they owe us (can’t remember if the funds have been put in a non interest bearing account or not, but I’m sure they are accessing them in some way.) I wonder how long it is going to take for the crooks to give us back OUR money~!

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avatar Todd Stay

I think it’s this simple we get screwed while the lawyers make a fortune they bound to retire on and open their own banks. I think it’s about time we all wake up and smell what they are shoveling. They’re buying us off with cheap words and empty promises. I bet this don’t even get posted, but if it does then you should consider this. This country is owned by banks and lawyers just like this one. They are not in the habit of handing the whips over to their social slaves. There is no money or any intention of any significant amount being handed over. I say that all the unemployed people being taken by this media scam get out their houses and picket the B of A until we see some real results. We have nothing better to do then sit at home in fear of their iron fists.

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avatar PM

I agree with the last post. WE SHOULD START PICKETING IN FRONT OF THE
B OF A’S!!!!!!! We should somehow get a petition started that can get in front of the decision makers that we get all of our money back…. and then the attys fee’s are paid seperately.. SIGN MY PETITION !!! The public should get this thing moving to make something happen.. This is B.S. They took thousands and thousands from me.. I constantly stayed in overdraft because they sucked up all my money everytime I got paid… I was a full time student, single mother working fulltime…… I lost my car, and my apartment because I was constantly in negative.. I worked my ass off.. like all of us did…..

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avatar sandra.calhoun

I received the flyer in regards to the class action lawsuit and didn’t opt out and seek my own lawyer. Well, now over a year later, I’m online thinking about how I need money and the lawsuit crossed my mind. Kudos to you that received at least $98 because I haven’t heard or seen anything other than the flyer.

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avatar William Kelly

I William Kelly i received the flyers regards to the class action lawsuits and didnt seek a lawyer . Over a few months i havent heard nothin.

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avatar stacey

I got the same flyer and that is it! I have not heard any thing, this is some B.S I guess they forgot about the little people. I don’t no about any body else but I could use the money about now!!!!!

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avatar daniel woodruff

i still have not recieved anything in the mail also i wish i had a answer to everyones needs cause my mom and dad got a settlement check for a different one and now i really need the money hope someday i will get it…..

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avatar Mary Mann

My name is Mary, About a year and a half i got a post card about the law suit. I have not head a thing .why????????????? When????????

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avatar dawn measel

hello i signed up to be part of law uit but didnt recieve post card or any emails i had over 5000.00 in over draft fees in 2/2009 and wondering what has happened thank you dawn measel

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avatar CPGirlee

September 4, 2012

I too am still awaiting any funds I may be entitled to under this lawsuit. I doubt that any of us will EVER see even one thin dime from this whole fiasco. Wanna hear the clincher?? Bank of America is STILL processing debits to my account in the way described in the above article! I find it amazing that this bull**** is still happening even as this lawsuit is still pending!! I have been with BofA in excess of 25 years and the only reason I have not left them is that it will take a major effort on my part to redirect my direct deposits and automated bill pays on my account.

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avatar Sandra

My name is Sandra and I received the postcard in ’09 I have heard of a lot of different things but still haven’t seen anything yet :@! When and how soon will I see anything from this settlement again because what I do remember is that Bank of America didn’t take this long to take my money from me and when I called to try to fix the problem there was always all kinds of excuses and a lot of extra charges on my account…

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avatar sadqi

hey my name is sadqi jaouad and and I received the postcard but still haven’t seen anything & just wanna know wheeeeeeennnnnnnnn?

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avatar Antionette

I never receive a post card about the lawsuit.

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avatar Marquita

I recieved a postcard and haven’t heard anything since, when will i be recieving my settlement

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avatar S Downing

As of Sept 12, I have heard nothing new about the suit and very disappointed about that. I understand that someone objected to the suit which is why this is still all pending. I hope their motives were to object because they did not feel the settlement amount did not compensate for their loss. In most cases, individually, we will NOT received what was unethically taken from us. Class Action Suits do not work that way anyhow. But we will have satisfaction knowing that B of A had to pay back some….any money to people they hurt or took advantage of. As a result of the person filing an appeal, now no one may received reimbursement or any of the money for that matter. My heart goes out to each of you raped by the system and my hope are that this suit will soon come to an end.

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avatar Kathryn Dunn Fishburne

Haven’t heard anything either. still waiting…probably will be waiting forever!

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avatar Mary

I recived two postcards in the mail saying that I was to recive up to 2500.from the lawsuit. Well I havent recied anything from the lawsuit. I think only certain people recived money from this. I will never bank with them again. They have really messed up my account many of times. When Id go in to see how and why It got this way, It was always my fault. HMM lets see, I leave 20.00 extra each time so there is always money in the account.Whats going on that we havent recived our portion. I didnt op out either.

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avatar LEE SAVOY

When will we start getting funds from so call class action lawsuit?

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avatar Luke Landes ♦127,500 (Platinum)

No changes since the last update. The settlement is still in the appeals process.

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avatar John Schneiter

Considering Bank of America makes over $2 billion dollars a year in overdraft fees, times that by say 5 years. They are paying a few pennies on the dollar. Makes sense for them to screw their customers.. It is free money. The judge is wrong. The settlement is wrong. That is like ordering a bank robber who stole $1,000,000 to return $10 of the stolen money.. Just saying there really isn’t a punishment here. It will only encourage them to do it again.

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avatar ned

They never stopped doing it. Thats why I have said they hired the lawyers themselves to cover their arses.

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avatar Barbara Nickoles

Instead of people robbing banks, this Bank Of America is robbing it’s people!!!

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avatar Trisha Burton

I can’t believe the ridiculous games that Bank of America is playing with their customers, as I am one. I just went through two hours at the Bank of America this past weekend where I was treated in a very condescending manner, with absolutely no respect or consideration for the issues that I had been having with their bank, and certainly no apology or acceptance of any kind on their part for what I had and am still going through regarding my accounts with Bank of America. The customer rep who I met with at the bank, and also the customer rep that he had called on the phone to help explain my obvious “lack of comprehension” as to how they were posting the debit and credit transactions to my checking account from the largest one to the smallest, and not according to the date of the TRX. Not that this issue isn’t bad enough, I have also been having ongoing issues regarding the transfer of funds between my accounts due to a “lack of funds” in my accounts, as if the money is just vanishing. I have checked to see if any fees or penalties have been incurred, but still have not seen any. Just three weeks ago, the website said that I had a ($-49;00) balance, yet still, no fees, that I can see have been applied. When I had presented this issue to the reps at Bank of America, paper proof and all, they basically said that because they couldn’t see it, they couldn’t do anything about it. What a crock of you-know-what! I hope all the BOA customers who have been “played” and stolen from get what they rightfully deserve in a law suit, including myself.

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avatar Tessy

I had actual proof from a mac receipt with a time on it, a debit at a store with the time on it and then a bank statement printed from the bank with the time on it.They manipulated the order and the holding of it for over 7 days, I think it was a holiday? Well and wrote to the consumer complaints in my state , one guy called me and said just change banks. I also had proof with Chase and they were a heck of a lot worse. That was the thinking back then, and like some said here, don’t hold your breath…….the AT&T lawsuit i think i got 10 cents? Now the worse class action lawsuit i believe was in the 70s, the IUD, that never settled and woman died.

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avatar mickey

people dont read the postcard thuroghly.we are not getting $5,000 or $2.500 dollars .its going to lawers for client fees..but it says nothing about how or what we will get..there is a mr.Torres whos out of florida that appealed OVER a year ago and still we have recieved nothing..if you moved then you had to made a change of address so your mail will be fowarded…the court documents are ALL public records so you just need to look for them..I HAVE!!people dont get your hopes up high we will not get alot of money …we will just about gut even with our loses wich sucks the lawers will get all the money and they are not the ones who suffered when they went to the bank to find out there balance was in the negative due to bank of americas GREED!!!but i did and it doesnt matter to them ..they not gonna give me the money i had to beg to borrow back just the stupid 35 dollars that put me in dept..STAY STRONG WE ARE ALL IN THIS TOGETHER>>F&$%#K bank of america!!!

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avatar Tessy

i don’t believe we will get anything….maybe 10 cents like i received on the AT& T class action mess of the late ninety’s, remember the thousands of dollars in over the minutes????….its just a money maker for lawyers and specific clients and us everyday people workers/student that got killed or wiped out i believe will not see a thing. Chase the worst out of the bunch got me for 4 hundred dollars two week before Christmas…..i cried for days. Like i said in my other post the State consumer agency said….change banks. I did notice it wasn’t done to the rich clientele. And again look what happened to the IUD class action in the 70/80s they all died…no one got anything as i had researched???

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avatar Tessy

one good thing they did was…if u see an overdraft you have till 10:00 pm (i had to be recorded that i understood….because before that it was 12:00pm) the same day to put that money in to cover the error before they can charge the $35.00 fee. So just make sure u check after 5:00 each day. I would also advise to do a excel spread sheet on your own keying in your debits and credits….something is off somewhere especially chase. That means u have to keep your receipts and do the excel sheet off the receipts and see if it equals your statement and do it by date of transaction, it could be pennies but like the poster above said “one cent off” got him hit with many 35.00 fees. See the problem is they take it out of the balance put it in a pending screen….so u see the balance is lowered…..then they put it back in a group …..well it use to be high to low….now i think its per date…(.i think u had to opt out of the high to low)…so it confuses the simple math. But still something is off….

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avatar Jerry Aspinwall

I have moved but could not find the address to send them a change of address. I didn’t keep my card. So what is the address in order to send them my change of address?

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avatar Tessy

it says you are a member of the settlement class if you ,, had a Bank of America consumer checking and or savings account that you could access with a bank of america debit card, anytime between January 1, 2001 and May 24, 2011 and,,,,,,were charged one or more overdraft fees as a result of bank of america’s practice of posting debit card transaction from highest to lowest dollar amount……any questions call 1 800 372 2390 or visit http://www.bofaoverdraftsettlement.com the address: Checking Account Overdraft Litigation po box 2505 Faribault, MN 55021-9505

Now i read that there are three different “Class Counsel”

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avatar Leonid

I would like to provide the evidance of Band of America manipulation to attorney. I have been charged overdraft fees many times. But now I have 2 clear avidance that Bank of America tricking customers to get more money in fees.
Any interesting attorney can contact me: leoniddmitruk@hotmail.com
#1. Last year. I still have withdraw reciepts from bank teller and ATM showing that my balance is positive at the time of withdraws. Later I received $35 charges because of overdrafts made of these same transaction. Another big payment went through later that day.
#2. As of October 12, 2012. Bank of America bounced back my $2,300 payment to travel agent because of $487.37 shortness in my bank balance. But another $1,060 payment went through same day. My online banking statement shows that $2,300 was processed before $1,060 and balance between these two transactions I had $572.63
I have the printout from travel agency that my $2,300 bounced back and recipient was charged $19 fee by his bank.
I would like to stop Banks to manipulate around our money.

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avatar HEATHER CARNLINE

i got two post cards in the mail a while back last year some time , i havent heard anything at all in the mail since i got the two post cards at that time, my Question is if i have moved and i have a change of address put in with the post office and i have been getting my mail at my new address would any thing i get come to my old address where i was living when i got the post cards ? because i dont have a account with the bank no more because of this it overdraft my account to where i owe the bank now $210.00 … and until all this is over with i refuse to pay it because i feel it wasnt not my fault to the reason why my account got overdrafted in the first place , because of this it is now on my credit and also i can not get a accoount with another bank until it is paid in full , do i need to contact someone to let them know that i have moved since i dont have an account any more?

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avatar Tessy

id change my bank account address to the correct one if it is still open with the new address and tell them u are waiting on the settlement to pay it……i think i read it will credit into the acct but again….could be 10 cents….im not kidding

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avatar april ham

why is BOA still processing largest to smallest debits still creating the same problem. i thought this issue was resolved. as of 10/18 they are still using this process!!!!!!!!!!!!!!!!!!!

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avatar Ned

They are making millions off this suit why not do it every 10 years. Get used to it its the new USA take from the poor and give to the rich. it will only get worse if Romney is elected. Bernie Madoff for president 2012. At least he steals from the rich.

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avatar Tessy

and i have a fraudulent company trying to take money out without out an acct or phone number….causing overdrafts……every time we try to get them they get deleted from the account….its like peek a boo…..every 10 days…. I looked this american billing up….looks to be hr block lol…. ….. it never end with us…..talk about safety with ones acct…..

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avatar Jay

I think we should get interest on top our settlement it just seems right whenever they decide to release the few $$’s we will recieve…

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avatar Francine

They took a large chunk of my money when I really needed it and I never received a postcard.

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avatar Andrea

I got two postcards as well, but have since moved, how do I update my address with them?

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avatar heather carnline

Its just ashame that the judge ruled in favor of the people. But the people whom they took fro are the real ones having to pay for BOA SCREW up. I truely believe. They should honesty have to pay every damn dime they took from the people. Because to me in my eyes the way I see it is that’s theft …damn good thing for BOA I’m no judge!!!

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avatar Charles

Even though BOA lost its lawsuit, they filed an appeal. That’s why no one has received any money. Until the appeal is heard and settled there will be no money. The appeal could take a year or two. Until BOA loses thier appeal they will continue to steal money from thier customers. It’s sad. Just hang in there and you will receive your money eventually.

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avatar Debbie

I just got something in my checking account called an “overdraft settlement”. I assume this is it?

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avatar Linda

BOA just deposit 26.08 in my checking account. on 11/2/12
for the settlement it was described as CHKING ACCT OVERDRAFT SETTLEMENT CREDIT
I don’t find that being enough when one over draft cost 35.00 oh well I guess its better than nothing it was a good surprise it will fill half my tank up in my car now.

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avatar Lisa

So what percent of the total in overdrafts are they paying, and/or how are they determining who gets what amount?

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avatar Luke Landes ♦127,500 (Platinum)

The formula is somewhat complicated. Bank of America re-ordered the debits that caused overdraft fees during a certain time period beginning in 2001 and figured out each customer’s amount of over-charged overdraft fees. That amount was reduced by any uncollectable amount (if an account was closed with a negative balance). If one customer had $100 in adjusted overcharged fees and Bank of America was determined to have $10,000,000 in overcharged fees total, that customer’s share is 0.001%. If the total available for settlement class members (total settlement minus lawyers’ fees, expenses, etc.) was $1,000,000, the customer would receive 0.001% of that, or $10. That’s a very simplified representation of the calculation.

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avatar Augusta Arwood

I just checked my bank account online and I have a 35.64 credit that says Checking overdraft settlement credit. It’s already processed through and posted. I’m calling the bank to make sure it’s not a mistake but looks like they might already be starting the payments. Of course this is nothing compared to how much they’ve gotten from me over the years due to their practice.

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avatar Luke Landes ♦127,500 (Platinum)

Congratulations, everyone. The appeals are over and payments are on the way. I’ve updated the article to reflect that affected customers will be receiving a statement credit or a check in the mail by November 30, 2012.

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avatar Barbara

The check looks more like a postcard than a check! Will my current bank honor this check?

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avatar Luke Landes ♦127,500 (Platinum)

The check will be honored like any other check drawn on a “U.S. Bank” account (that’s the bank’s name). It’s best to cash the check (or deposit it) at a bank where you have an account… to avoid hassle and possibly a check cashing fee.

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avatar PJ

I have a $4.34 credit on my BOA account and they have STOLEN at least $500. from my account due to their “posting”. How do I reject this settlement amount??? This is so inline with their banking… Is this their settlement to me? Who can us little people talk to about this… this is just ANOTHER slap in the face of their CBS. Corporate Bull Shit!!!!

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avatar Lindsey

I didn’t receive a postcard but I did receive the overdraft settlement of $10 in my bank account this morning.

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avatar Amanda

I haven’t received anything yet. But from what I am seeing the $5000+ I paid in overdraft fees will be equal to $50!! Thats some ****! The many times I had to beg a family member for $$$ to buy stuff for my children. This sucks….

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avatar stacey

my husband received something…but i didnt!

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avatar Ted in Texas

Got my payment today. Little over $100.

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avatar Linda

I got my settlement today. A whole 5 dollars and 9 cents. Don’t hold your breath people. I lost much more than that in overdraft fees.

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avatar Thelma

I just received the settlement as a credit in my check account it was for 234.60. I call the bank to find out what is was. It was a wonderful surprise. The back said it was from this court case last year. Whatever I was happy to receive it

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avatar Josh

I got 7.64.

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avatar Danny T

I checked my account this morning and I got a little over $150 credited to me on friday.

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avatar Linda

wow you got alot. They must of taken alot from you to get that much back.

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avatar Stephen

I got a credit for $60.00 today! Keep checking your accounts!

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avatar Ethan

No matter where I bank, I create a budget and follow it. That allows me to avoid over-drafting my account. If one finds it impossible to follow a budget and continually overdrafts his/her account, perhaps he/she should consider using cash and money orders versus a checking account. It worked for me in the past and forces one to live within his/her means and not borrow money from a bank with an exorbitant fee when he/she spends more money than he/she has.

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avatar Amanda

Good for you! Nice to know YOU know how everyone should mangage their money. However, this is NOT the reason of this lawsuit. The lawsuit was BOA’s fault, not the customers. Do not pass judement where it should not be. Also, why the h*** are you on this site if you know how to manage YOUR money!?

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avatar Ethan

I like to stay abreast of financial litigation and settlement. That’s how I came upon this site. I didn’t realize it was the bank’s fault if a depositor spent more money than he or she had in an account. Regardless of what order the bank processes debits in, if one spends no more than what one has, overdraft fees should not be an issue. Apparently this concept is beyond you. It’s called “budgeting”. Google the word. It would serve you well going forward if you were to learn how to do it.

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avatar Maddy

Ethan I understand where your coming from , but some of this was done when the money should have been in there, I am glad you have never had money probles or an emergency you are very Blessed . Please don’t be a hater for those of us that are having a rough go of it and were SCREWED by BOA

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avatar LEE SAVOY

I hope to GOD that one day you dont have to eat your words. Because you really don’t know what your future holds, so please don’t pass judgement on others lke that without knowing all the facts.

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avatar Ethan

Eat what words? My suggestion that individuals follow a budget, or using cash and money orders rather than a checking account? Are you saying that since I don’t know what the future holds I should maintain a checking account so I can overspend it if need be, and then complain when the bank charges me for doing so?

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avatar hatman

I just received my Bank of America payment; and to say the least, I was quite surprised….A WHOPPING $2.55. I’m going to rush out to McDonald’s and buy a hamburger with no cheese because I can’t afford it.!! A lesson learned!! Hope others out there fared better!

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avatar Ryan

November 5, 2012

I received my settlement check… $1.38.. lawyers came away with Millions. WE THE PEOPLE who were screwed came away with nothing.. they over drafted my account a least a dozen times since 2002 and all i get back was $1.38?

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avatar Luke Landes ♦127,500 (Platinum)

What do you think of class action lawsuits? Do they benefit the lawyers more than the consumers? Discuss here: http://www.consumerismcommentary.com/consumers-class-action-lawsuits/

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