News - National
Bank of America Agrees to $410 Million Settlement
Posted: Feb 6, 2011 12:30 PM by Chris Welty
Updated: Feb 6, 2011 12:31 PM
Bank of America is agreeing to pay $410 million to settle a
lawsuit about overdraft fees.
A spokeswoman for the nation's largest bank said Saturday that
it is "pleased to reach a fair resolution" to the case.
Spokeswoman Anne Pace said B of A also already has addressed many
related customer concerns.
Customers pay overdraft fees when they spend more money than
remains in their accounts. The fees can reach $35 apiece and have
been a sore point with consumers.
Before federal law changed this summer, banks frequently charged
overdraft fees on numerous transactions in a single day.
Similar lawsuits have been filed against other U.S. banks,
including a California case where Wells Fargo has appealed a $203
million judgment.
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