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Bank of America Overdraft Settlement Possible

A federal judge in Miami is considering whether to finalize a $410 million settlement in a lawsuit claiming that Bank of America charged excessive overdraft fees, The Associated Press reported today. The hearing Monday is to consider any objections or other issues related to the deal originally reached in May. The class-action lawsuit contends that Charlotte, N.C.-based Bank of America processed its debit card and check payments in a way that triggered more overdrafts and therefore more fees. Even though it agreed to the settlement, the bank insists the overdraft system was proper. An estimated 1 million customers could receive unspecified payments from the settlement. The lawsuit covers people with Bank of America debit cards between January 2001 and May 2011. New bank regulations prohibit this type of debit card fee unless customers approve it.

  1. This Judge is completely off the wall. BOA ripped off so many people, millions, and got away with it again. The judge approved a settlement which technically and legally is a joke. Account holders who paid millions on this illegal activity by BOA, only got a settlement check from $10.00 – $60.00? R U KIDDING. Most of us got stuck and paid fees in the millions (collectively). Then the judge thinks, based on expert testimony (yeah those experts who got paid big bucks) that the settlement is fair? Is this guy smoking crack? Fair, ripped off for thousands or hundreds per customer over the time frame and $10.00, better yet $2.50 is a great settlement??? Better yet, the lawyers made %33 percent of 410 million? R U KIDDING? Plaintiffs really lost here, there is no victory for the “bank robbery” which took place. The Judge is absolutely nuts to think this was a novel case, so hard and so hard to litigate. What? Novel? Yeah for BOA to have gotten away with murder and of course, the average folks suffer again. There was nothing novel or hard here, no lawyer put in extraordinary decades of his/her lives. This case was fairly simple but this judge is way to old to figure it out. P.S. This same judge is the presiding judge over guess what — other settlement overdraft cases. Guess the law forbidding this wasn’t necessary as the Court thinks compensation for outright theft – thinks and rules like abankruptcy court judge, PENNIES ON THE DOLLAR. Screw BOA and their shareholders. Official Bank Robbery. Figures, and it goes on and on with the Countrywide issues, etc. What country do we live in?????

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