Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Links in this post may provide us with a commission.
Bank of America Overdraft Fees Class Action Settlement
Top Class Actions announced that Bank of America finally settled their overdraft fee class action for 66.6 million dollars. Approximately 5.9 million customers were affected by this practice and are entitled to reparations.
Who is Entitled
Anyone who was charged an Extended Overdrawn Balance Charge is entitled to this settlement according to the lawsuit. Bank of America charged this fee if the $35 overdraft fee was not paid within a certain time frame. The Extended Overdrawn Balance Charge was claimed to be an extra fee for the same thing, nothing new was provided by the bank.
Bank of America has agreed that they will not charge an Extended Overdrawn Balance Charge for at least 5 years as a part of the settlement.
The following people are eligible:
- If you had an account from 2/25/14 and 12/30/17
- And were charged an Extended Overdrawn Balance Charge at least once
How to Enter a Claim
There is no need to enter a claim. If you were billed an Extended Overdrawn Balance Charge you are already entered into the settlement. You will receive your settlement automatically unless you opt out.
The amount will depend on how many times you were charged the fee and the total number of people eligible.
If you have a BOA checking account the money will be deposited directly into your account. If you no longer have a checking account you will be mailed a check.
The exclusion date is 4/20/2018
Here is a link to the settlement’s FAQ section.
If you were charged one of these fees then this settlement is a good thing. I like the fact that you don’t need to submit a claim and that affect people are automatically enrolled.
These fees are big business for the banks and I am glad that they have been cracking down on them. It is part of the reason I don’t feel bad taking their money when signing up for $2400 in checking account bonuses each year.
Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.