BoA Overdraft Lawsuit
Overdraft is a procedure that would allow one to withdraw funds on their bank account despite reaching the zero balance level.
Nonetheless, such action is not served for free since banks or any other overdraft lenders would require you to pay for the action, depending on the agreement that the lender gave you.
On a different note, various complainants in the country filed a class action lawsuit against the Bank of America due to the excessive charge of overdraft and other transactional fees.
Lisa Morris, Michael Bui, Tumika Williams, Albert Edge, and Kristen Valpegra are a few of the plaintiffs who filed a class action lawsuit against the Bank of America regarding overdraft fees.
Moreover, such instances made them seek assistance from Robert J. Conrad Jr., the U.S. District Judge of the Western District of North Carolina.
The conflict against the Bank of America started in 2018, and it was stated that such occurrence is a “systematic, multipronged effort by the bank to extract unearned fees.”
Thus, it has been said that there are various discrepancies regarding the transaction proper, which is inaccurate enough and has indicated an excessive charging fee for the customers.
A supposed customer of the Bank of America told the news that “Together, these fee practices work in concert to increase defendant’s revenues while catching account holders in a cycle of deceptive and improper fees and charges.”
The Morris Settlement
The party against the Bank of America stated that the amount of $75 million should come along with the bank’s statement. The statement claims that the bank will not charge fees for the next five years or so.
Additionally, the previous customers of the Bank of America who have been victims of its dysfunctional service stated that they might seek at least $25 Million and an additional $31,000 to use it as a reward for their settlement class representatives.
However, such a decision may still vary depending on the terms that the complainant’s legal team would seek from the Bank of America.
Other Complaints Faced by the Bank of America
The complaints against the Bank of America do not end there. There is an allegation against Bank of America, indicating that their actions lure customers into excessively spending their money in their service through transaction fees.
Two complainants named Tami bruin and Eline Brokas told the media that such transaction fees are useless and do not create an economic impact on society. Instead, the action made by the bank only benefited their company alone.
Editor’s Note on Morris Settlement 2021 – Bank of America Overdraft Settlement:
This article is published to inform you of a settlement for a class action lawsuit filed against the Bank of America due to an extensive overdraft and other transactional fees.
Case name & no.: Morris et al. v. Bank of America NA, Case No. 3:18-cv-00157, U.S. District Court of the Western District of North Carolina
Service: Overdraft lenders
Allegation: They allegedly charge their customers extensive overdraft and other transactional fees
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