Civil Plaintiff
Bank of America Settles a Class Action Lawsuit on Overdraft Fees for $75 Million
Bank of America agreed to pay $75 million to settle a lawsuit that alleges it collected multiple overdraft fees on individual transactions from checking- and savings-account customers, Reuters reported Friday.
One plaintiff in the class-action suit said the bank charged her $105 after rejecting her $20 credit-card payment when it retried processing the transaction — without her knowledge — five and nine days after the initial rejection, resulting in three $35 fees, according to the wire service.
The nation’s second-largest bank will stop charging multiple fees for “retry” payments for at least five years under the settlement, plaintiffs’ lawyers told Reuters.
