Bank of America has been accused of manipulating debit transactions in order to charge excessive overdraft fees. The bank denies any wrongdoing, but has agreed to settle it's part in the case by creating a $410 million settlement fund to reimburse Class Members.
The Bank of America overdraft fee settlement stems from many consumer complaints, including that of Plaintiff Ralph Tornes, who sued Bank of America for charging him nearly $500 in overdraft fees! He alleges that the bank rearranged the order in which it processed his purchases. Torres claims that Bank of America did not process his purchases in chronological order. Instead they rearranged them from largest to smallest so that he had to pay three $35 overdraft fees instead of only one.
If you had a Bank of America checking account or savings account that you could access with a Bank of America 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, you are considered a Class Member of the Bank of America overdraft fee class action settlement.
As part of the Bank of America overdraft settlement, Class Members will receive payments or account credits for the unlawful overdraft fees they paid
