Bank of America
Per Person
$20–$100
Total Fund
$27.5 million
Deadline
Mar 15, 2015
Filed
Jan 1, 2014
Customers alleged Bank of America manipulated debit transaction processing order to maximize overdraft fees. Plaintiffs argued smaller transactions became reordered behind larger purchases which triggered additional penalties. Bank of America denied wrongdoing while agreeing to resolve the claims through settlement. Eligible account holders who incurred overdraft fees during specific periods automatically received or could claim compensation depending on account status. Final payouts varied considerably based on fee history and number of valid claims
Bank of America customers charged overdraft fees resulting from debit card transaction reordering practices qualified for compensation. Eligible consumers generally held checking accounts during covered periods involving disputed fee calculations. Both former and current account holders potentially qualified. Compensation varied based upon overdraft fee history and number of impacted transactions. Plaintiffs alleged Bank of America reordered debit transactions from highest amount downward to maximize overdraft fees. Consumers claimed such practices unfairly increased penalties. Bank of America denied wrongdoing yet agreed to resolve claims through settlement. Some eligible consumers received payments automatically while others needed claim submissions.