Black Hair Media Forum Homepage
BHM BHM BHM
Forum Home Forum Home > Lets Talk > Talk, Talk, and More Talk
  New Posts New Posts RSS Feed - DID YOU GET YOUR BoA SETTLEMENT?
  FAQ FAQ  Forum Search   Register Register  Login Login
Perfect Hair Collection
 

DID YOU GET YOUR BoA SETTLEMENT?

 
 Post Reply Post Reply Page  123 5>




The Best Human Hair Available with No Service Match

Author
 Rating: Topic Rating: 4 Votes, Average 2.00  Topic Search Topic Search  Topic Options Topic Options
EPITOME View Drop Down
Platinum Member
Platinum Member
Avatar

Joined: Feb 08 2007
Location: Escarpin
Status: Offline
Points: 446760
Post Options Post Options   Thanks (0) Thanks(0)   Quote EPITOME Quote  Post ReplyReply Direct Link To This Post Topic: DID YOU GET YOUR BoA SETTLEMENT?
    Posted: Nov 04 2012 at 12:27pm
I got like $2. someone on my fb said he got $75. 

here's why:

Bank Of America Overdraft Lawsuit: Judge Approves $410 Million Settlement

Bank Of America Overdraft Suit



MIAMI — 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.

Senior U.S. District Judge James Lawrence King said the agreement was fair and reasonable, even though it drew criticism from some customers because they would only receive a fraction of what they paid in overdraft fees. The fees were usually $35 per occurrence.

"It's really undisputed that this is one of the largest settlements ever in a consumer case," said Aaron Podhurst, a lead attorney for the customer class.

The settlement became final a week after Charlotte, N.C.-based Bank of America backed off a plan to charge a $5 monthly fee for debit-card purchases. The outcry prompted other major banks, including JPMorgan Chase & Co. and Wells Fargo & Co., to cancel trial tests of their own debit card fees.

Bank attorney Laurence Hutt said 13.2 million Bank of America customers who had debit cards between January 2001 and May 2011 would get some payment. Those who still have accounts would get an automatic credit and the others would get a check mailed to them. No one would have to take any action or fill out any paperwork.

Barry Himmelstein, an attorney for customers who objected to the deal, said he calculated that the bank actually raked in $4.5 billion through the overdraft fees and was repaying less than 10 percent. He said the average customer in the case had $300 in overdraft fees, making them eligible for a $27 award – less than one overdraft charge – from the lawsuit.

"It's $4.5 billion that's gone missing from people's accounts," Himmelstein said.

Hutt said only 46 customers filed formal objections to the settlement and 350 decided to opt out, meaning they could take separate legal action on their own.

"It's very easy for people to say on the sidelines, `I could do better,'" Hutt said. "Never is a settlement at 100 percent of what somebody thinks they can receive at trial. It's always a compromise."

Customers will receive a minimum of 9 percent of the fees they paid through the settlement, Hutt added. The bank has already paid the money into an escrow account.

The lawsuit claimed that Bank of America processed its debit card transactions in the order of highest to lowest dollar amount so it could maximize the overdraft fees customers paid. An overdraft occurs when the account doesn't have enough money in it to cover a debit card transaction. Similar lawsuits have been filed against more than 30 other banks.

Despite the settlement, Bank of America insists there was nothing improper about the processing sequence. New regulations enacted following the recent financial crisis prohibit banks from charging overdraft fees on debit cards without first getting customer permission.

Many of the objections concerned the fees for the team of class-action attorneys, which would amount to about $123 million. Lawyers for people opposed to the settlement said that amount should be cut down by at least $50 million, with the money going back to the wronged customers.

"The best use is to provide compensation to the class members," said Elliott Kula, who represents some of the objectors.

But King sided with the plaintiffs' attorneys, noting that they spent thousands of hours on the case and achieved "a superb result" for the customers.

"I don't see anything about this case that's simple or garden variety," the judge said.

Another complaint concerned missing records for customers from 2001 through 2003, which has made them impossible to identify. The settlement will take about 14 percent of the total – representing an estimate for the fees paid by those customers – and put the money into nonprofit financial literacy programs.

In addition, the 32 original named plaintiffs who represented the larger class will get bonuses of up to $5,000 each, $2,500 each if both plaintiffs are a married couple.



Edited by EPITOME - Nov 04 2012 at 12:28pm
Back to Top
Sponsored Links


Back to Top
**Sk!TtLeS B** View Drop Down
Elite Member
Elite Member
Avatar

Joined: Jul 14 2006
Status: Offline
Points: 182284
Post Options Post Options   Thanks (5) Thanks(5)   Quote **Sk!TtLeS B** Quote  Post ReplyReply Direct Link To This Post Posted: Nov 04 2012 at 12:34pm
BOA stays fcking up. Between stuff like this and being sued by the Justice Department, Im surprised people still use BOA for anything. 
Back to Top
nycdiva357 View Drop Down
Platinum Member
Platinum Member
Avatar

Joined: Jun 06 2008
Location: ya daddys house
Status: Offline
Points: 160856
Post Options Post Options   Thanks (0) Thanks(0)   Quote nycdiva357 Quote  Post ReplyReply Direct Link To This Post Posted: Nov 04 2012 at 12:39pm
lmao...interesting.
i closed my BoA account when i graduated college.

i was consider re-opening b/c chase aint the move in ....
but yeah ill hold that.
Back to Top
EPITOME View Drop Down
Platinum Member
Platinum Member
Avatar

Joined: Feb 08 2007
Location: Escarpin
Status: Offline
Points: 446760
Post Options Post Options   Thanks (1) Thanks(1)   Quote EPITOME Quote  Post ReplyReply Direct Link To This Post Posted: Nov 04 2012 at 12:45pm
Originally posted by **Sk!TtLeS B** **Sk!TtLeS B** wrote:

BOA stays fcking up. Between stuff like this and being sued by the Justice Department, Im surprised people still use BOA for anything. 

sigh it's true. i have it bc there are so many branches.
Back to Top
MinnyMiss16 View Drop Down
VIP Member
VIP Member
Avatar

Joined: Jan 02 2007
Status: Offline
Points: 5041
Post Options Post Options   Thanks (0) Thanks(0)   Quote MinnyMiss16 Quote  Post ReplyReply Direct Link To This Post Posted: Nov 04 2012 at 1:21pm
Wait, so how do I get my money?
Back to Top
newdiva1 View Drop Down
Elite Member
Elite Member
Avatar

Joined: Dec 15 2006
Status: Offline
Points: 195470
Post Options Post Options   Thanks (3) Thanks(3)   Quote newdiva1 Quote  Post ReplyReply Direct Link To This Post Posted: Nov 04 2012 at 1:29pm
Yeah...I used to have BofA.  They really started to suck when they moved to the east coast.  I don't understand how come it's so hard to process your debits and credits in the order that they come.   They know they were scammin'.   I remember one day waiting in line listening to a lady in the bank cursing them out because they waited to credit some moneys she deposited over a week before. She made the deposit (over a week before) to cover a series of debits and they fucced her... hit her $30 dollars for every transaction so she ended up paying a couple of hundred dollars in fees alone....and she had her statement to prove it. They tryna tell her that there was nothing they could do.   I she ended up speaking to the branch manager....tellin' them she was gone sue and all kinds of thing.  They ended up refunding her the overdraft fees and she closed her account.
 
 
Shady these banks are.
Back to Top
smaison View Drop Down
Elite Member
Elite Member
Avatar

Joined: Jan 28 2007
Location: myworld
Status: Offline
Points: 60560
Post Options Post Options   Thanks (1) Thanks(1)   Quote smaison Quote  Post ReplyReply Direct Link To This Post Posted: Nov 04 2012 at 1:35pm
I've never overdraft on my account so I didn't think I count but I got 1.50
Back to Top
EPITOME View Drop Down
Platinum Member
Platinum Member
Avatar

Joined: Feb 08 2007
Location: Escarpin
Status: Offline
Points: 446760
Post Options Post Options   Thanks (0) Thanks(0)   Quote EPITOME Quote  Post ReplyReply Direct Link To This Post Posted: Nov 04 2012 at 1:37pm
Originally posted by MinnyMiss16 MinnyMiss16 wrote:

Wait, so how do I get my money?

it's just a deposit
Back to Top
nikietc View Drop Down
Elite Member
Elite Member
Avatar

Joined: Oct 11 2009
Status: Offline
Points: 12142
Post Options Post Options   Thanks (0) Thanks(0)   Quote nikietc Quote  Post ReplyReply Direct Link To This Post Posted: Nov 04 2012 at 1:38pm
I had boa for a year or two in college because it was the only major bank around campus at that time. I think everybody hated them. I doubt they'll actually hunt me down to mail me a dollar or two settlement.
Back to Top
EPITOME View Drop Down
Platinum Member
Platinum Member
Avatar

Joined: Feb 08 2007
Location: Escarpin
Status: Offline
Points: 446760
Post Options Post Options   Thanks (2) Thanks(2)   Quote EPITOME Quote  Post ReplyReply Direct Link To This Post Posted: Nov 04 2012 at 1:38pm
Originally posted by newdiva1 newdiva1 wrote:

Yeah...I used to have BofA.  They really started to suck when they moved to the east coast.  I don't understand how come it's so hard to process your debits and credits in the order that they come.   They know they were scammin'.   I remember one day waiting in line listening to a lady in the bank cursing them out because they waited to credit some moneys she deposited over a week before. She made the deposit (over a week before) to cover a series of debits and they fucced her... hit her $30 dollars for every transaction so she ended up paying a couple of hundred dollars in fees alone....and she had her statement to prove it. They tryna tell her that there was nothing they could do.   I she ended up speaking to the branch manager....tellin' them she was gone sue and all kinds of thing.  They ended up refunding her the overdraft fees and she closed her account.
 
 
Shady these banks are.

BoA learned me good with that bullsh*t in college. I would make a deposit and then go buy things or i would make a return, and think bc i made a return first, it was processed before my purchases.


Edited by EPITOME - Nov 04 2012 at 1:39pm
Back to Top
Get Longer Healthier Faster Growing Hair
House of CB London
Get Healthier Stronger Longer Hair
The Elite Hair Care Sorority
Electric Cherry Hair
Hair Extensions Wefted Hair Wigs and More
Human Hair Wigs
Wefting Training
Dependable Quality Hair
Switch Up your Look with a protective Style
 Post Reply Post Reply Page  123 5>
  Share Topic   

Forum Jump Forum Permissions View Drop Down