Bank Of America Must Pay $410 Million In Settlement For Charging Excessive Overdraft Fees

The Associated Press reports that a U.S. District judge in Miami has approved a $410 million settlement against Bank of America for charging their customers excessive overdraft fees. The settlement in the class-action lawsuit affects more than 13 million current and former bank customers who used debit cards over the past decade, but most will get only a fraction of the overdraft fees they paid. In fact, an attorney for customers who objected to the deal calculated that Bank of America made $4.5 billion through the overdraft fees, and are repaying less than 10 percent. The average customer had $300 in overdraft fees but is only eligible for a $27 reward in the settlement.