Overdraft Fees at Bank of America

September 2019: A federal judge preliminarily approved a settlement agreement that would automatically provide class members with cash awards. The amount of each cash award depends on a variety of factors, including the number of overdraft fees paid by the class member, the attorneys’ fees, and the service awards to the named plaintiffs, but is estimated to be $17.67 for each overdraft fee charged. A final fairness hearing is scheduled for January 29, 2020. For more information, go to http://www.nonrecurringoverdraftsettlement.com/.

February 2019: A class-action lawsuit was filed against Bank of America for allegedly misleadingly representing that it does not charge overdraft fees on non-recurring debit card transactions when, according to plaintiffs, the bank regularly charges such fees on certain non-recurring debit card transactions (e.g., transactions with Lyft, Grubhub, and DoorDash) that put accounts into negative balances. (Owens et al v. Bank of America, N.A., et al, Case No.19-cv-20614, S. D. Fla.)

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