BoA & Overdraft Suit

May 24, 2011 by staff 

BoA & Overdraft SuitBoA & Overdraft Suit, More than a million Bank of America debit card users can be online for a payment after the Charlotte-based bank and agreed to pay 410 million to settle a federal lawsuit. The deal, reported by several media, and 410 million was put into an account that is used to pay for debit card users who were charged overdraft fees back to 2001.

The Wall Street Journal reports that the deal will send money to more than 1 million customers of Bank of America and former customers. Is the result of several similar lawsuits against banks are consolidating multiple federal court in Miami. The combined demand alleged the bank “systematically” resequenced debit transactions to maximize income from bank overdraft charge. Many banks allegedly used a system in which debit transactions were registered with the largest transaction in the first place, not in chronological order, which will track the client to decrease more rapidly.

The bank denies the allegations in the settlement. A spokesman reiterated on Monday it was “pleased to reach a just solution to this matter” and was “advocating a standard solution to ensure a coherent approach to post the entire industry.”
The agreement is 2.010 of Bank of America decision to end all taxes debit card overdraft. Now, a cardholder of Bank of America refused at the point of sale instead of overdrawing your account.

The bank recently said it is considering a text message service that let customers decide to use an overdraft facility on a purchase basis for the purchase.

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