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Bank of America UPDATE: Refund checks from the Bank of America Overdraft Class Action Lawsuit Settlement are in the mail!

Top Class Actions reported in June that Bank of America (NASDAQ: BAC) had reached a $410 million class action lawsuit settlement for charging excessive overdraft fees. We’ve just learned that some Bank of America customers have started receiving notices in the mail concerning how to receive a payment or account credit from the class action settlement.

The Bank of America overdraft fee settlement will resolve a class action lawsuit, entitled In re: Checking Account Overdraft Litigation, that accuses Bank of America and nearly 30 other banks of manipulating debit transactions to maximize the fees they could charge customers who overdrew their bank accounts. Bank of America denies any wrongdoing, but has agreed to settle its part in the case by creating a $410 million settlement fund to reimburse Class Members.

You’re considered a Class Member of the Bank of America overdraft fee class action settlement if you had a Bank of America checking account and/or savings account that you could access with a BofA debit card, anytime between January 1, 2001 and May 24, 2011, and you were charged one or more overdraft fees as a result of Bank of America’s practice of posting debit card transactions from highest to lowest dollar amount.

As part of the Bank of America overdraft settlement, Class Members will receive payments or account credits for the unlawful overdraft fees they paid. The amount of such payments or account credits cannot be determined at this time, but will be based on the number of people in the Settlement Class and the amount of additional overdraft fees each Settlement Class Member paid as a result of Bank of America’s posting order.

If you are included in the Settlement Class and entitled to receive a cash benefit, you do not need to do anything to receive a payment or account credit from the BofA overdraft settlement. If you Court approves the Settlement and it becomes final and effective, you will automatically receive a payment or account credit.

However, if you wish to opt-out of the Bank of America settlement and retain your right to sue individually, you have until October 3, 2011 to submit your request for exclusion.

You can find more information on your rights in the Bank of America Overdraft Fee Litigation Class Action Lawsuit Settlement at www.BofAOverdraftSettlement.com.

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116 thoughts onDetails on Filing Claims for BofA Overdraft Settlement Arrive

  1. Chris says:

    During the time Bank of America was doing this I was a student. I knew exactly what they were doing back then and would call customer service and it drove me crazy because I knew I was getting screwed.

    This caused me SO MUCH anxiety and trouble. I remember incurring overdraft fees of $500+ sometimes which should have only been $35 or $70 max. They just rearranged the transactions and bled me dry.

    How can they get away with this?? How does my $100 and something check justify the $1000 + they took from myself and everyone else. I imagine they much worse to many other people considering I was a broke student at the time and incurred these types of fees.

    It’s straight up fraud. It’s criminal. Why are they allowed to give us a tiny fraction in return and go on like nothing happened? Where is our justice?

  2. Karen says:

    They gave me a day that my deposited check would be avail. I then waited for that day and began using my debit card and then I had hundreds do dollars in overdraft fees and a week later a letter in the mail telling me the funds wouldn’t be avail. Until another week as well as giving me a new debit card in another ladies name only middle initial was different, I closed my acct. with a – and several months later get a bank statement indicating my acct. was still open what in the heck is going on and how do I get in on this settlement

  3. anonymous39 says:

    I got a check for $8.63 after 8 years with them constantly overdraft charges at least I was expecting like 1500 at least .

  4. Gloria D Hughes says:

    I banked with them when they were originally Nations Bank and then went into BOA – I have not received anything, but believe I do know how they were with their overdraft fees – taking the largest check to pay first and then going on to the lowest no matter which one was posted first. I know I deserve a lot of monies back. Please notify me of the status of this. Hope it is not a scam.

  5. David. B says:

    B of A was doing this scam way before 2001. They did it to me many times in the 90s when they were nations bank and Bank of America. I don’t know why the suit only starts in 2001. They stole so much money from me but I didn’t stick around. Barnett bank was good but then they got worse with each following incarnation.

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Please note: Top Class Actions is not a settlement administrator or law firm. Top Class Actions is a legal news source that reports on class action lawsuits, class action settlements, drug injury lawsuits and product liability lawsuits. Top Class Actions does not process claims and we cannot advise you on the status of any class action settlement claim. You must contact the settlement administrator or your attorney for any updates regarding your claim status, claim form or questions about when payments are expected to be mailed out.