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. According to the lawsuit, “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 charge is based solely on the alleged indebtedness to the bank remaining unpaid by the customer for a period of time.”
Approximately 6 million consumers were effected by B.O.A.’s unjust fee practices and may qualify for cash benefits or debt relief from this class action. Additionally, Bank of America has also agreed to stop imposing extended overdrawn balance charges for a period of five years.
Class Members include holders of Bank of America checking accounts who, between Feb. 25, 2014 and Dec. 30, 2017, were assessed at least one extended overdrawn balance charge that was not refunded.
Class Member will automatically benefit from this settlement. For more information follow the settlement website link below.
The final hearing will be held on June 18, 2018.
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