NEW YORK (WPIX)—You can call it one of the hugest settlements ever. More than 13 million past and current Bank of America customers will be receiving a payout of $27 apiece.
On Monday, a judge ruled against the banking giant's methods of calculating overdraft charges. The credit is automatic. If you have an account, you'll see a credit. If you don't, you'll receive a check. But, some are saying it may be too little, too late.
The entire pot of payouts is $410 million, coming to $27 apiece. But, it seems the average customer paid a total of $300 over the last decade in overdraft fees. The $27 is even less than the one-time fee itself of $35.
Now, similar lawsuits have been filed against more than 30 other banks.
This comes a week after the financial institution killed the fee that was the final straw.
Bank of America wanted to charge its customers a $5 monthly charge to use their debit cards. But, after much complaining, the fee was scrapped.
The loud outcry prompted other banks like JPMorgan Chase and Wells Fargo to cancel trial tests of their own debit card fees.