A new court ruling in a Bank of America class action lawsuit has ruled that the financial institution will have to pay out more than $76.6 million to settle a claim filed by thousands of customers. The suits claimed that the bank charged excessive fees for overdrawn accounts and imposed overdraft fees, which are not allowed. However, under the terms of the settlement, Bank of America will no longer charge consumers multiple overdraft fees for retries of payments.
A woman filed a class-action lawsuit in March 2018, alleging that the financial institution charged her $105 after rejecting her payment for $20.
After failing to receive payment the next day, she requested another retry, and the company ended up charging her three $35 fees. Bank of America ultimately settled the case for $27.5 million, committing to stop charging customers multiple fees for “retries” for at least five years. This is expected to save consumers $5.3 million per month and $318 million over five years.
The plaintiffs alleged that Bank of America charged them $35 for overdrawn accounts. In addition, customers alleged that the bank charged them multiple fees for the same transaction, including internal transfers. In addition, customers also alleged that the bank improperly deducted fees from their checking accounts, which was not required. As a result, the settlement included a promise by the company to not charge the customers for five years.
Bank of America settled a class-action lawsuit last week for $27.5 million, which included claims of unfair fees.
The plaintiffs allege that the financial institution breached a contract with consumers by unfairly assessing Overdraft Fees for Debit Card transactions. The bank’s attorneys are arguing that the settlement did not violate the law and acted in the best interest of the customers. There is no guarantee that the settlement will lead to a favorable resolution for the consumers.
A recent class-action lawsuit against Bank of America has revealed that the financial institution has violated the terms of its contract with consumers by charging excessive fees for overdrawn accounts. This has led to a $75 million settlement and a five-year commitment by the company to stop charging these fees for customers in the future. This is an unprecedented move in a bank’s history. And the settlement is still in process, but it has already led to an increase in the number of customers opting to join the suit.
A woman sued Bank of America after she was charged $105 after the bank refused her $20 credit card payment.
The bank then re-tried her payment five days later, and by the time she was charged three $35 fees, the company had already collected $318 million in fees. The settlement will also prevent future similar practices. These charges will help customers save money. It is important to note that if you are a victim of this practice, it is possible to take legal action against the financial institution.
In the majority of cases, attorneys for the Bank of America class action lawsuit have ruled that the company is not liable for the EOBCs charged in connection with consumer checking accounts. This is the first major lawsuit filed in this case. It is also a class action regarding the fee for retrying a payment. If you’ve been unable to complete a transaction, you may be eligible for compensation.
This class-action lawsuit was filed in the U.S. District Court for the Central District of California.
It alleges that the Bank of America has breached the contract with its consumers by unfairly charging fees on their debit cards. While the Court is still reviewing the case, a settlement of this kind could affect the legal rights of all those involved in the case. The lawsuit was initially filed in the middle of a school year and settled in August 2018. The plaintiffs are students who were charged excessive fees for insufficient funds.
A woman from Illinois filed a class-action lawsuit against Bank of America after her bank refused to accept her $20 credit card payment. The bank tried to retry the payment five days later, but instead of allowing her to pay, she was charged three $35 fees. The plaintiffs’ attorneys were able to get the case settled and the bank agreed to pay the $105 million. This settlement also includes a promise not to charge such fees for five years.