Bank of America NA has agreed to pay $66.6 million to settle a class action lawsuit alleging it assessed extended overdrawn balance charges that violate the National Bank Act’s usury limit.
If you incurred at least one $35 extended overdrawn balance charge in connection with your Bank of America personal checking account, you may be entitled to compensation from the BofA overdraft fees class action settlement.
According to the overdraft fee class action lawsuit, Bank of America wrongfully assessed customers “extended overdrawn balance charges” in addition to an initial $35 overdraft fee if the customer’s overdraft status remained in effect for five days.
“Unlike an initial overdraft fee, the Extended Overdrawn Balance Charge is an additional charge to a customer for which the bank has provided nothing new,” the plaintiffs allege in the Bank of America class action lawsuit. “The charge is based solely on the alleged indebtedness to the bank remaining unpaid by the customer for a period of time.”
Bank of America allegedly charged a $35 extended overdrawn balance charge on top of the initial $35 overdraft fee it charged when at the time the account funds were overdrawn.
Approximately 5.9 million consumers may qualify for benefits from the Bank of America class action settlement.
In addition to providing cash benefits or debt relief to eligible Class Members, Bank of America has also agreed to stop imposing extended overdrawn balance charges for a period of five years, according to the BofA class action settlement documents.
Bank of America has not admitted liability but agreed to settle the checking account fees class action lawsuit to avoid the cost and uncertainty of trial.
The deadline to exclude yourself from or object to the Bank of America class action settlement is April 20, 2018.
Full article and details on how to join are at Top Class Actions
