Settlement Structure: Claims Made
Active: Open
Case Summary:Bank of America, NA (BANA) is paying $75 million to settle a class action alleging that it improperly charged insufficient or non-sufficient funds fees (and/or overdraft fees) involving the timing of actions in several situations, including for Retry Transaction Fees, for Intrabank Transaction Fees, and for Fee Accrual Claim Fees. The complaint alleged the bank breached its customer agreements and violated state consumer protection laws.
Docket Number:3:18-cv-157-RJC-DSC
Company: Bank of America
Filing Deadline: January 1, 2100
Class Period: July 1, 2014 to July 29, 2021
Objection Deadline: November 11, 2021
Exclusion Deadline: November 11, 2021
Final Approval Hearing: January 18, 2022
Proof of Purchase:You do not have to do anything to receive a payment.
Eligibility:You may be eligible if you belong to any of the three classes below. The class period for each is between July 1, 2014 and July 29, 2021.
- The Retry Transaction Fee Class is holders of a BANA consumer checking or savings account who, during the class period, paid and were not refunded a Retry Transaction Fee. The Retry Transaction Fees are non-sufficient funds (NSF) or overdraft (OD) fees charged on an automated clearinghouse (ACH) transaction from a consumer checking account that was resubmitted for payment to BANA by a merchant after the merchant’s first request for payment was rejected.
- The Intrabank Transaction Fee Class is all holders of a BANA consumer checking or savings account who, during the class period, paid and were not refunded one or more NSF or OD fees on an ACH payment from the checking account or another BANA account, such as a mortgage or credit card.
- The Fee Accrual Claim Fee Class is all holders of a BANA consumer checking or savings account who, during the class period, paid and were not refunded an NSF or OD fee on a consumer checking or savings account transaction that would not have been charged if BANA had delayed the posting of previously-assessed NSF or OD fees.
The net settlement fund will be divided among all settlement class members on a pro-rata basis. Current customers will receive their payment as a credit in their BANA accounts; former customers will receive a check from the Settlement Administrator.
Total Settlement Amount: $75,000,000
Class Representative Proposed Incentive Fee:Between $1,000 and $10,000 each
Law Firms:
Hausfeld LLP
Kaliel Gold PLLC
Van Winkle Law Firm
Case Name: Lisa Morris et al. v. Bank of America, N.A.
Settlement Website: Bank of America Insufficient Funds and Overdraft Fees Settlement Website
Claims Administrator:
Epiq Class Action & Claims Solutions, Inc.
Morris v. Bank of America Settlement
P.O. Box 5645
Portland, OR 97228-5645
855-654-0890
