Bank of America Overdraft Fees
Bank of America charges a $35 overdraft fee. They also charge an NSF Fee, also known as a returned item fee or insufficient funds fee. BOA lets you opt into overdraft protection and also offers an additional service where they link one of your other accounts in order to cover any overdrafts you might create by doing a transaction when there isn’t enough money in your checking account. This service is known as Bank of America overdraft protection. Make sure to read the Bank of America overdraft policy carefully when you sign up for your account or if they amend their policies. The policies can be confusing, and you could end up with lots of fees if you don’t know how they work.
Bank of America Class Action Lawsuit Overdraft Fees
There have been several class action lawsuits against Bank of America for their overdraft fees, NSF fees and other types of bank fees. For example, BOA used to charge an extended overdraft fee. This was a fee they charged every five days that you didn’t correct an overdraft in your account by adding money to your balance and bringing it positive. However, BOA was sued in a class action in California Federal Court stating that the extended overdraft fees were improper and violated usury laws. Bank of America agreed to settle this suit, known as Farrell vs Bank of America, for $66.6 million dollars. BOA did not admit to any wrongdoing. The class period covered by the settlement was February 2014 to December 2017. The case has been appealed and is now before the Supreme Court. For more information, check out the claims administration site for the settlement here.
Another recent class action lawsuit against Bank of America for overdraft fees was recently settled for $75 million. Customers alleged that BOA charged multiple NSF fees and overdraft fees for a single transaction. The bank supposedly kept retrying the same transaction over several days, recording NSF fees each time it was rejected. The case is called Morris et al v. Bank of America NA, and was filed in the Western District of North Carolina. In addition to the settlement, BOA agreed not to charge multiple fees on a single transaction for five years.
Another ongoing lawsuit against Bank of America accuses BOA of charging deceptive transfer fees when customers transfer money from their BOA accounts to their accounts at other banks. This case is called Bruin, et al. v. Bank of America, NA and was filed in the Southern District of New York.
How to Join a Class Action Lawsuit against Bank of America
If your claim against BOA is covered by the settlement criteria for a current BOA class action settlement, then you can go to the claims administration website and register your claim. You may also have received a notice in the mail from Bank of America giving you directions on how to register your claim. If you think BOA has charged you improper overdraft fees, NSF fees, or other bank fees that aren’t covered in a current BOA settlement, then you may be interested in starting your own overdraft fees lawsuit.
We are actively investigating the overdraft fees, NSF fees, and other bank fee practices of many banks and credit unions. If you think your bank is charging you improper or deceptive fees, then reach out to us for a free case review.
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