Bank Of America is loosing customers and fast. Class action lawsuits come and go but this has to be one of the most detrimental on a company we have seen. The lawsuit is entitled Checking Account Overdraft Litigation and is in the jurisdiction of the U.S. District Court for the Southern District of Florida. The case revolves around claims that BOA charged excessive overdraft fees to some of its customers.
Class members of this lawsuit are described as anyone who “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 transactions from highest to lowest dollar amount” according to the BofA Overdraft Settlement website. Bank Of America denies all wrong doing but has agreed to a settlement in order to avoid any further court cost. A settlement fund of $410 million dollars has been created to reimburse the class members.
A fairness hearing will be held at the United States District Court for Southern District of Florida, Miami Division, located at the James Lawrence King Federal Justice Building, 99 Northeast Fourth Street, Miami, FL 33132 on 11/07/11 to determine if the settlement amount is fair. You do not have to attend the settlement hearing in order to receive a settlement. If you do nothing and are an eligible class member you will still receive a settlement as long as you don’t exclude yourself. The amount any individual class member in the lawsuit cannot be determined at this time.