When will I receive my Bank of America settlement?

[tonibraxton]

I am part of the class action settlement that was decided Nov 7. BofA charged me overdraft fees and now I will get some money from them, but I'm not sure when. Does anyone know when I will receive a credit in my account.

[amdt57]

Customers will automatically receive the payment; no paperwork is necessary. The money has already been put into an escrow account so maybe 30 to 90 days to see it in your account statement, though it is not a windfall.

According to the details of the case, Bank of America charged 13 million customers over $4.5 billion from January of 2001 to May of 2011 in overdraft charges averaging $35 per incident. Nevertheless, Senior District Judge James Lawrence King stated the settlement agreement was reasonable and fair despite the fact that most customers will receive only $27 each, amounting to less than one overdraft charge per customer made by the bank.

Incidentally, the team of class-action attorneys, will receive about $123 million in legal fees.

[rumford]

I too have heard that the settlement per person is about $27, which is a joke. I have been a boa customer for about 4 years and they have taken atleast $700 in overdraft fees as a result in there highest to lowest scheme.