Judge OKs $410M settlement for Bank of America

[sarcasmo]

Source: AP

Snip < A federal judge on Monday gave final approval to a $410 million settlement in a class-action lawsuit affecting more than 13 million Bank of America customers who had debit card overdrafts during the past decade.


Snip< Barry Himmelstein, an attorney for customers who objected to the deal, said he calculated that the bank actually raked in $4.5 billion through the overdraft fees and was repaying less than 10 percent. He said the average customer in the case had $300 in overdraft fees, making them eligible for a $27 award — less than one overdraft charge — from the lawsuit.

Read more: http://news.yahoo.com/judge-oks-410m-settlement-bank-america-214423478.html

---

Bankers sledom do time. Stole 4.5 billion and pay back 410 million.

[CarrieLynne]

1. omg i paid Sooo many over draft fees back when i had money lol

2 accounts, was probably with them 10 or more years....i paid OD fees every month im sure....bastards!

cant wait to get my 27 bucks..that'll teach em! :banghead:

[sarcasmo]

2. While the lawyers get the rest.

[Matariki]

3. This lawsuit addresses banks' practice of posting the payments highest to lowest

(as opposed to the the actual order the payments were made) in order to maximize the number of overdraft fees they can charge.

Even if the amount of the settlement isn't high enough, this is good news. Hopefully it will put an end to that practice.

[woo me with science]

4. Meanwhile, the Obama administration is busily finalizing a settlement -

- an unconscionable settlement - that will let the criminal banks that crashed this economy and left millions in poverty off the hook for an outrageous, insulting 25 billion dollars.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x5050521

Our government is bought and paid for. Support OWS.

[sarcasmo]

5. Bought and paid for by wall street and the bankers.

[nineteen50]

6. And the beat down goes on.

[MrMickeysMom]

7. That must be a drop in the bucket....

The best judicial system money can buy apparently applies here, too.

[FailureToCommunicate]

8. I was one of 'em. Now I'm makin' a list of all the things that $27 bucks will

go towards...
Maybe starting an account at a credit union. ..

[seeviewonder]

9. BoA got a lot in overdraft fees from my wife and I

a few years ago. I don't know if any of that largest-to-smallest stuff was going on then, but it wouldn't surprise me. I'd like to see my records from that time just to check. We haven't been with them for over three years and we will never go back!

[wordpix]

10. next all banks should stop double dipping by charging those who are paid with bad checks

It's one thing to charge someone who writes a bad check on an overdrawn account. OK, I can see that. But then to double dip and ALSO charge those who receive bad checks---that is an outrage.

Like it's my fault my customer paid me with a worthless check. And then I get charged by my bank for something that is not my fault, on top of not getting paid by the customer. :banghead:

[blackspade]

11. This is not even a slap on the wrist.

These settlements are a joke.

[PoliticAverse]

12. Judge approves $410 million settlement of lawsuit against Bank of America on overdraft fees

Source: Associated Press

MIAMI — A federal judge on Monday gave final approval to a $410 million settlement in a class-action lawsuit affecting more than 13 million Bank of America customers who had debit card overdrafts during the past decade.

Senior U.S. District Judge James Lawrence King said the agreement was fair and reasonable, even though it drew criticism from some customers because they would only receive a fraction of what they paid in overdraft fees. The fees were usually $35 per occurrence.

<...>

Bank attorney Laurence Hutt said 13.2 million Bank of America customers who had debit cards between January 2001 and May 2011 would get some payment. Those who still have accounts would get an automatic credit and the others would get a check mailed to them. No one would have to take any action or fill out any paperwork.

Barry Himmelstein, an attorney for customers who objected to the deal, said he calculated that the bank actually raked in $4.5 billion through the overdraft fees and was repaying less than 10 percent. He said the average customer in the case had $300 in overdraft fees, making them eligible for a $27 award — less than one overdraft charge — from the lawsuit.

Read more: http://www.washingtonpost.com/national/judge-mulling-over-410-million-settlement-in-bank-of-america-overdraft-lawsuit/2011/11/07/gIQACKjZuM_story.html

[pinto]

13. Kick

:kick:

[No Elephants]

14. I left B of A when the local branch charged me for making a deposit with a teller, instead of an ATM

machine in the bank lobby.

[sarcasmo]

16. Now they have card readers at the teller and make you swipe your card to see a teller.

Tried to go in and get change at a BOA near the mall a couple weeks ago. If you don't bank here we can't help you, stay classy BOA.

[appleannie1]

15. B of A bought out my credit card and changed the interest from a fixed 9.9 % to a 23% variable. I

paid them off as soon as possible and cancelled the card. As far as I am concerned, they can go broke and I will stand and applaud.