Bank of America pays $410 million to settle overdraft dispute
WASHINGTON (AFP) – Bank of America has entered into a preliminary agreement to pay $410 million to clients who accused it of excessive overdraft fees, according to court documents.
The documents released Monday by a US district court in southern Florida said the class action lawsuit included some one million clients and that a final approval of the settlement would take place November 7.
The case, which dates back to 2009, centered on accusations that the US banking giant had manipulated records of debit card transactions in order to charge higher fees for clients who overdrew their accounts.
Other banks are facing legal action on similar grounds.