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Thread: Judge OKs $410M for Bank of America customers

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    Judge OKs $410M for Bank of America customers

    PURE GREED and I hope more banks and corps get hit for being the sleezes they are. I hope this shakes up other sleezy GREEDY criminal CEOs

    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.





    Judge OKs $410M for Bank of America customers

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    Re: Judge OKs $410M for Bank of America customers

    So, people think they can overdraw their bank account and that's it?
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    Re: Judge OKs $410M for Bank of America customers

    Unfortunately the fine was peanuts. The banks are still in charge and they continue to by whatever power they need in Congress and in Washington.










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    Re: Judge OKs $410M for Bank of America customers

    Quote Originally Posted by apdst View Post
    So, people think they can overdraw their bank account and that's it?
    Probably not, but there should be a limit to the cost of that. Hell, close their accounts. But making it a revenue generating business? Such is asking for trouble.

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    Re: Judge OKs $410M for Bank of America customers

    Quote Originally Posted by apdst View Post
    So, people think they can overdraw their bank account and that's it?
    If you'd read - it's not about overdrafting, per se...BoA would arrange transactions in order to collect the most overdraft fees possible. Someone who was tight on funds might make the decision to overdraft, thinking they'll take a $35 hit. Only for BoA to rearrange pending transactions in a way where instead of $35, a customer would end up with $105 or $140. I can say that because when I first moved to Nashville and joined BoA, things were tight. Happened to me twice.

    Haven't had a fee in more than three years now, but when times were tight, it's pretty shocking to plan for $35 and to suddenly find 4 times that missing from your account.

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    Re: Judge OKs $410M for Bank of America customers

    Quote Originally Posted by apdst View Post
    So, people think they can overdraw their bank account and that's it?
    Yeah thats it...you comprehend well...judges always award near a half billion for mere overdrawn accts...BRAVO apdst

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    Re: Judge OKs $410M for Bank of America customers

    Quote Originally Posted by apdst View Post
    So, people think they can overdraw their bank account and that's it?
    They weren't using FIFO accounting but instead were stacking transactions to generate additional overdraft fees.
    This is an actual legitimate problem.
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    Re: Judge OKs $410M for Bank of America customers

    Quote Originally Posted by apdst View Post
    So, people think they can overdraw their bank account and that's it?
    They were deliberately changing the order of transaction processing to trigger additional overdrafts.

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    Re: Judge OKs $410M for Bank of America customers

    I won't do business with BofA again.

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