Woo Woo!! Class Action Lawsuit vs BankAmerika

[kohodog]

About time. Issues regarding ATM fees and allowing debit cards to be used to charge more that in the account and charging overdraft fees. These banks are happy to host parties on taxpayer bailout funds and fuck the little guy as often as they can. Let them die a slow death. No more bailout money for the greedy.

http://www.clossonsettlement.com/

Welcome to the Closson v. Bank of America Settlement Website

A settlement has been proposed in a class action lawsuit brought against Bank of America based on allegations of misconduct relating in part to its assessment of certain fees in relation to debit card transactions. The Court will hold a Fairness Hearing to consider whether the Settlement is fair, reasonable and adequate. After the hearing, the Court will decide whether to approve the Settlement.

The lawsuit claims Bank of America encouraged its customers to use Bank of America debit cards and increased the number of fees charged to customers using Bank of America debit cards through the order in which such transactions are posted and the account balance information it provides. The lawsuit also claims that Bank of America authorizes debit card transactions that will result in overdraft fees; fails to warn customers that specific debit card transactions may result in overdrawn accounts; posts debit card and other transactions in high-to-low order; and provides account balance information to customers that is not current, accurate or as advertised. In addition, the lawsuit claims that Bank of America’s customer agreements are unconscionable, and that Bank of America does not provide customers with copies of account agreements until after they open their accounts. Bank of America denies these claims and contends that it has fully complied with federal law, any applicable state laws, and its customer agreements, and also contends that it has other defenses to the claims in the lawsuit. In agreeing to settle, Bank of America does not admit it did anything wrong. The Court has not decided the merits of the lawsuit or any of the defenses.

A description of the Settlement Class and the terms of the Settlement and release are available in the Settlement Notice posted on this site. A Claim Form can be submitted online or downloaded and printed and submitted via mail. You can also view Court Documents, including the Final Settlement Agreement, copies of pertinent Court orders and other court filings, and other information concerning the Settlement and the Lawsuit. Additional assistance can be obtained by calling toll-free 1-877-625-9405.

The Settlement provides that Bank of America will pay a total of $35 million to the Settlement Fund. Certain customers and former customers of Fleet Bank, LaSalle Bank, LaSalle Bank Midwest, and U.S. Trust Company may be Settlement Class Members. If you meet the eligibility requirements needed to be a Settlement Class Member, to obtain a payment you must complete and submit a Claim Form. You also have other options under the settlement as summarized below. PLEASE READ THE NOTICE CAREFULLY TO DETERMINE IF YOU ARE A SETTLEMENT CLASS MEMBER AND YOUR RIGHTS AND OPTIONS UNDER THE SETTLEMENT

[cloudbase]

1. I wish to hell that they

wouldn't allow settlements where the accused party is allowed to continue to claim that they did nothing wrong.

[kohodog]

2. I wish these lawsuits settled for actual harm, plus interest.

1.00 doesn't go to far these days.

[unblock]

10. their guilt can be inferred from the money in the settlement

if it came down to money or an apology, i'd take the money. an apology would mean nothing to anyone who would do something to earn them a class action suit.

[Shakespeare]

3. I've been in a two-year fight with them over what started as bullshit overdraft charges.

And it's pretty much what's described in the class action complaint. We're still battling. BofA is evil, and I'm very glad to see this class action suit.

[joeunderdog]

4. They're not the only ones. The industry is just charging away til someone

stops them. They make more on fees than interest now. Not hard to believe when you see the fee charges on a statement, or when you get soaked $3 to withdraw $20 from your own account.

[sarcasmo]

5. Kick, the only problem is the lawyers will get all the money.

[Riley18]

6. Bank of America also told people their mortgage would be one amount and

then sent out form letters a year later saying they made a "mistake". They then increased the mortgage amount and also gave the option of paying off their error in a lump sum of around $2,000 or adding the amount to the monthly debt. They did it to me twice so far, and there have to be others who had this happen to them.

[Control-Z]

7. KnR

This needs one more rec. Here's a :kick:

[Berry Cool]

8. I'm so glad they're doing this.

I still remember reading a story on MSNBC's Web site a while back about a woman who literally was having her money stolen right out from under her by Bank of America. She had overdrawn her account because of some stupid policy they had, and didn't know it, and her automatically deducted payments kept bouncing, which kept incurring fees from BoA, which further depleted her account, which put her even deeper in arrears. She had direct deposit, too, so every time she got paid, her money would disappear from her account as soon as it went in, to pay overdraft fees. She kept trying to get them to close her account so her money would stop vanishing, but they wouldn't close it because she was overdrawn! It was insane.

[kohodog]

9. BofA isn't the only one

And let's not get started with the credit card thieves. Perhaps the Obama Administration can reform Banking and credit rules while they're giving billions to these "institutions."

[yowzayowzayowza]

13. Beginning with a whopping $0.25 overdraft...

I ended up in the same vortex. Fuckers. I'll definitely participate in this one!!!

[appleannie1]

11. I had a credit card with another bank that they bought out.

It had a fixed rate of 8.9% on purchases and 1% on money checks they issued, and I cashed to buy a new washer and dryer. When B or A bought them out, they incorporated the two and raised the interest rate. My payment check then arrived one day late and they raised the interest to 23.9% without even notifying me. Luckily I came into a bit of money and was able to pay them off but until then, I made a whole years worth of interest payments and nothing came off the principal. I would like nothing better than to see them fold.

[mopinko]

12. as others have said- they are not the only ones.

we have gotten so burned by this same game. charter one->rbs. we set up bank accounts with debit cards for our kids, and ended up having to set up back up accounts with overdraft protection. our choice was- tie down a chunk of our savings or get eaten alive by the insane, i say insane, fees.

the first time this happened to us we were on vacation, and spending a fair amount of money on our debit cards. we were sort of in the middle of nowhere, and by the time we checked our bank balance, we were over by a few hundred bucks. we got nailed for $300 in fees. we screamed our heads off and got it cut in half. but ferchrissakes. wtf is the point of having debit cards instead of credit cards.

[alstephenson]

14. New credit card rules passed, but don't take effect until 2010...

Write your legislators - the new rules should take effect immediately!!!

http://www.creditcards.com/credit-card-news/what-the-new-credit-card-rules-mean-1282.php