Bank of America has won court approval of a $410 million settlement of claims it charged consumers excessive overdraft fees on their checking accounts.

According to media reports, the amount will cover claims from over one million customers.

The 2009 suit claimed Bank of America processed checks and debit transactions from largest to smallest instead of in chronological order. Critics charged that often meant consumers were charged fees of between $25 and $35 for very small overdrafts.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.