Comments on: Bank of America Overdraft Fee Class Action Settlement

By: NOMOE

NOMOE — Fri, 13 Jan 2012 00:18:06 +0000

This is another Bank of America scheme is playing, and Chase has a similar, if not the same, game going.

Let’s say you have a $10,000 LEDGER balance at the bank, and this ledger balance is also your AVAILABLE balance. (ledger balance is reduced by “holds” on deposits, etc, giving you your available balance, which is your balance available to clear checks, withdraw funds, etc)

Then you go to the bank and you make a deposit that includes $5500.00 worth of checks. For various reasons there are “HOLDS” placed on these deposited checks. This is to be expected, this is ok.

Now, Your available balance, at an honest bank, should continue to be your original $10,000. The ledger balance will read $15,500 but only $10,000 would be AVAILABLE. Because $5500 is on hold.

What Bank of America is doing is reducing the AVAILABLE balance by the deposit you made, of $5500.00. The Available balance the day after the deposit of $5500.00 becomes $4500.00 (10,000 less $5500 = $4500)

So, now you have a ledger balance of $15,500, and funds AVAILABLE of $4500.00. Calling the bank results in the reason of these funds being on a “Float”. So, the same deposit of $5500 that will be on HOLD for well over a week and unavailable, has also reduced your original balance of $10,000, via their process of “FLOAT”. If you pay the bank fees via your average available balance, the fees you pay the bank just increased. Also, now you have only $4500 as opposed to $10,000. Any checks you had written that are going to reduce your balance below $4500 are going to bounce.

By: matt boydstun

matt boydstun — Thu, 29 Dec 2011 21:03:15 +0000

this suit is for way to little. if everyone else was inconvenienced as much as i was it should be about 300 if you look at the people who go from paycheck to paycheck and don’t have funds to cover overdraft fees. this kind of thing can throw a monkey wrench into your whole life, creating a chain reaction of late fees ,panic, stress, debt that could spiral out of control. then when i asked for the overdraft fees to be removed being made to feel bad over the phone, when half my pay check is gone after deposit.i asked for the over draft feature to be taken off and it still wasn’t for 3 other incidents.

By: Donald Lee

Donald Lee — Tue, 22 Nov 2011 21:05:42 +0000

What I’d like to know is how can there be another one of these so-called “settlements” when the first of these; the one that was supposed to give everyone $78.00 has NEVER materialized. This first scam was supposedly “settled” a couple of YEARS ago. To date I haven’t seen a dime. This is just another scam and even if it’s not the only people who will get paid are the greedy lawyers.

By: Donna

Donna — Mon, 21 Nov 2011 21:25:54 +0000

Lucky me Bank of America keeps charging me overdraft fees for loans that I did not make yet they keep appearing on my statement. I had to close my savings account and was told to just re-open a new one. Fine, that is until when I did I was told I would have to make a deposit of at least $250.00 which I did not have. All of my money was stolen from me but I’m the one being penalized. I hope BoA gets sued so bad that they close. I am afraid to put my money into a bank now. Not just BoA is dealing out fraud but TD, Chase and Citi Banks are no better. You deposit money, they take it the same day. Thieves!

By: J L JOHNSON

J L JOHNSON — Mon, 21 Nov 2011 16:13:52 +0000

bank America paid off the judge- $410million is a joke b of a got to me for over $5.000 in over draft fees in 10 years it just shows me that b of a is gitting away with it and getting to keep most of the money they took from us.

By: Johnny

Johnny — Fri, 18 Nov 2011 20:45:53 +0000

Just got my check for 17 smackers woo hoo. Almost a case of beer. Well I could by Miller High Life baby.

By: sandy11

sandy11 — Mon, 14 Nov 2011 20:56:22 +0000

the $78.00 is from another case.read people ,9% or .45cents on a dollar.

By: dfsfggd

dfsfggd — Sun, 06 Nov 2011 22:38:37 +0000

Ronald Wilhite Says:
August 24th, 2011 at 8:47 am

Great Job. Crooks deserve to lose.

Is this a variation of the surname Wilhoite?

By: okiegirl

okiegirl — Tue, 01 Nov 2011 16:02:39 +0000

I am not sure where the $78 is coming from? Did someone do the math? I read the whole deposition on this lawsuit and did not read anything about $78. Whoever posted that please let us know where you go your info so we know.

By: Pat

Pat — Sun, 30 Oct 2011 14:10:17 +0000

Is the $78 settlement still ongoing or is there something new? Date listed is in 2007. Have serious short term memory issues and after 1-2 paragraph can’t remember what is said. $78 will not begin to help correct the messes they have created. Been hit by 2 separate accounts as my mortgage was with them too:(

By: Jody Tatham

Jody Tatham — Sun, 30 Oct 2011 01:57:44 +0000

BofA charged me over $ 1600 dollars in overdraft fees-or-late fees whatever!! I would like to know if i’m going to get that money back-over $1600 is alot of money to me!!!!!!!!!!!!!!!!!!!!!! i have read that we get $78 dollars if that is the case that is BS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! i want my $1600 dollars back damn it!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

By: lutermark

lutermark — Fri, 07 Oct 2011 19:00:43 +0000

So do we need to create another litigation on the attorneys involved in the suit to get our money that is rightfully ours back? or is this another government scam? I have read all of your previous posts and I have yet received a dime from the suit. I was on the list because i received the post card informing me about the litigation and informing me of the opt out, if this is just another government scam I would rather opt out so The corrupted attorneys don’t hold my money in courts. Sick of these Sons O’Bitches!

By: tommy

tommy — Fri, 30 Sep 2011 16:06:40 +0000

This is not about this lawsuit but interesting. I recently got rid of my bank of archases with it and some cash advances. well as you know they charge alot more interst for cash advances than puchases this i understood and had no prolbem with. my problem was when i mad payments non of the money went towards paying off the high interest cash advances it took me a while to chatch on to this trick. Costing me hundredsn in interst fees. I feel they should have applied my payments to my depts a they where accrude in chronilogical order but noooooo. Talking to custer service was a total waiste of time.

By: BoA are Thieves

BoA are Thieves — Thu, 22 Sep 2011 19:45:57 +0000

LAwsuit is not over not finalized until November 7. 2011 go to this website or call this number to request information and packet
http://www.bofaoverdraftsettlement.com
1-800-372-2390

By: ABC

ABC — Mon, 19 Sep 2011 17:12:00 +0000

Pat: Please reread what I originally wrote. I am siding against the bank, not with them. I said that multimillion dollar settlements would not be continually handed out if this was merely a matter of personal accountability.

By: Pat

Pat — Sun, 18 Sep 2011 13:37:09 +0000

ABC: you obviously don’t know what you are talking about. It is not that we are spending money we don’t have, it is that BOA is charging fees they shouldn’t. I have been charged $35 ADAY for low balance, as a result sure there are bounced checks. I call, speak to someone in India who says that BOA doesn’t charge unless balance is too low (when I opened the account this was not a policy, especially because I have automatic deposit, no monthly fees were to be charged). I have gotten to the point where I hired an auditor and YES, ABC, it was the fault of the bank not me

By: kim

kim — Sun, 18 Sep 2011 06:41:00 +0000

78 dollars is a joke! i have been charged thousands over the past ten plus years, many thousands, it should be figured on an individual basis, that should keep more people employed there for a while. I want all the fees back, 78.00 is an insult, like leaving a penny tip to a waitress!

By: Kevin

Kevin — Wed, 14 Sep 2011 01:06:03 +0000

As a former BOA customer, I’m glad they are doing horrible.

By: Jessica

Jessica — Wed, 07 Sep 2011 17:16:25 +0000

BoA has stuck me pretty good over the years and while my account is still open, I very rarely use it in favor of USAA. Of all the garbage they pull from reordering transactions to charging fees that cause overdraft fees in the first place, my all time disgust with them came (about 6 months ago) when I deposited $800 CASH in person to my checking account. I was given the receipt showing my current balance at just over a grand. I then drove home and dropped off my rent check ($700) to the landlord. A few days later I check online to see if my landlord had cashed the check and to my surprise I’d been charged several overdraft fees. Though my landlord’s check cleared 2 days after my deposit that was made in person before I even wrote the check, BoA held my deposit and charged me overdraft fees when my rent check cleared and my “available balance” was only $220. By the time they sorted it all out I was in the hole $35 instead of having the $300 in my account I should have had. After a week and 6 calls to customer service they finally admitted fault and reversed the charges. Now mind you that whole week my $300 was tied up in phantom overdraft fees and I was left broke until they sorted it out.

No matter what pro-bankers say there is no doubt in my mind screwing customers out of any nickle and dime they can is all of these big banks ultimate goal. I have no doubts they sit in board rooms just dreaming up new ways to screw people and hide it.

By: scott

scott — Sun, 28 Aug 2011 04:41:13 +0000

They haven’t lost.

They’re being forced to pay back a one time penalty of 35 million of their 17.5 trillion anual overdraft profits with a maximum payback of $78 per person.

Stop using Bank of america we have a choice.

By: Ronald Wilhite

Ronald Wilhite — Wed, 24 Aug 2011 15:47:29 +0000

Great Job. Crooks deserve to lose.

By: Rebekah

Rebekah — Mon, 15 Aug 2011 15:31:25 +0000

BOA has a little thing that they do every month I have noticed. When you make a purchase or payment with your debit card the online statement shows you the transaction and the debited amount (always pending for a week). Even if you meticulously keep track of your spending you are double charged for all transactions. I had 1400.00 in my account, I paid my rent, bought groceries and paid my phone and wifi and bought a Metro card, all totaling $1072.00.

I was left with $328.00 in my account. Seeing how the balance was accurate and I had a decent amount left I bought some computer software which cost $160.00 and more groceries which came to $75.00. My balance was $93.00 which I had not planned to touch.

A week later I had incurred two overdraft fees for $35.00 each and my account was negative $398.00.

When i tried to explain to the bank representative I was told that it was my fault. Now as I said I keep meticulous files. There is no way I made a mistake or over spent. The online statement showed that they withdrew the $1072.00 but the last two debits were take twice but only showed up once.

This happens every month. I don’t need anyone telling me when I can or cannot use my card for purchases. Its my money. But they hold the money for days and screw with your account then make you feel as if you are wrong all the time. Not just Bank of America, Chase, Wamu, Wachovia and CitiBank are all guilty of this heinous practice. $78.00? I think they owe us much more than that.

By: Paula

Paula — Wed, 03 Aug 2011 18:27:32 +0000

I want to sue bank of America.. How do I go about that? They really abuse their policy on overdraft charges and I will not accept that.

By: ABC

ABC — Mon, 01 Aug 2011 03:02:51 +0000

This issue first started getting widespread publicity back in 2009. Now, in 2011, I see some people still think this is simply a matter of personal accountability. Do people really think multi-million dollar settlements would be continually handed out if this was simply an issue of “OMG DONT SPEND MONEE U DONT HAV!! LOOK AT UR CHEKBUK ONZE INA WILE!!1!!1″

Balancing your checkbook and living within your means is good advice. It’s also a complete non sequitur to most of the arguments here and the settlements that are arising. Stop using that tired retort, which was undermined over 2 years ago – it just makes you look stupid.

By: Gregory Humphrey

Gregory Humphrey — Sun, 31 Jul 2011 21:15:49 +0000

This one beats all of BOAs flub-ups. I opened a new acc. in oct. 09. I recived a debit card,didn’t order checks. I ran a transitional house,one of my tennants found my blank couner checks, forged my signature,and cashed 4 checks totaling 3500.00 from my acct. Two of the checks cashed were not endorsed, the address was incorrect, the signature looked nothing like mine. I really feel ripped off by BOA. Is there someone out there who can help