BofA to pay $410 million in overdraft fee settlement

By Denise Richardson on February 7, 2011 11:35 AM | No Comments | No TrackBacks

Bank of America has settled a class-action lawsuit over the bank's overdraft fee practices. The bank agreed to pay $410 million to settle charges "alleging deceptive practices in the management of customer accounts that led to excessive fees for overdrafts," the report said.

The lawsuit, originally brought by a Florida customer, accused BofA of debiting accounts in a manner that would increase the amount of overdraft fees customers would pay. READ MORE.

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