Syracuse (WSYR-TV) -- Bank of America will be paying out a huge settlement to many of its customers for excessive overdraft fees. Just over 13 million people are in line for a piece of the deal.
But who will be part of the settlement? It looks like anyone who held a Bank of America debit card in the past 10 years will be part of the deal. The lawsuit says the bank processed its debit card and check payments in a way that triggered more overdrafts which resulted in more fees.
The settlement covers people who had the card from January 2001 to May 2001. A Miami judge late Monday afternoon approved the $410 million settlement. Most people will only get a fraction of the overdraft fees they paid.
If you’re included in the settlement and entitled to receive a cash benefit you do not need to do anything to get it. When the settlement becomes final and effective, you will automatically receive the payment or account credit.
If you’ve moved or are no longer a Bank of America customer, the settlement administrator is going to do as much as possible to find you so you are included in the deal.
Even though Bank of America agreed to the settlement, it insists the overdraft system was proper.
For more information on the settlement,
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