To settle a class-action suit over reordering transactions to maximize overdraft fees, Bank of America agreed to pay out $410 million months ago. A judge has now approved the settlement, and the bank has coughed up the money into an escrow account from which it will be distributed to customers who were part of the suit. Those who had a Bank of America debit card between January 2001 and May 24, 2011 will automatically receive a payment of at least 9 percent of the fees they paid.
According to the AP, a lawyer who objected to the deal said this worked out well for BofA, which is believed to have raked in $4.5 billion through its alleged chicanery. Since the average customer was stuck with $300 in overdrafts, they’ll only get back $27.
BofA isn’t completely in the clear, because 350 customers opted out of the settlement and are free to file their own suits.
Judge OKs $410 million overdraft-fee settlement with BofA [AP via The Seattle Times]