Bank of America could owe you money - WBTV 3 News, Weather, Sports, and Traffic for Charlotte, NC

Bank of America could owe you money

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CHARLOTTE, NC (WBTV) - Many Bank of America customers are getting notices in the mail.

The notices say a $410 million settlement has been reached in a class action lawsuit about overdraft fees.

BofA is maintaining it did nothing wrong, but it has agreed to pay customers who wracked up overdraft fees due to a certain way BofA processed their debit card transactions.

If the bank charged you in relation to debit card transactions between January 1, 2001 and May 24, 2011, you might be part of the settlement group.

The bank says you don't have to do anything to get the money.

Once the court has approves the settlement, you will automatically receive a check if your fees were a result of the bank's former practice of posting debit card transactions from highest to lowest in dollar amount.

BofA - and other banks - received a lot of criticism for allegedly manipulating debit card transactions in order to build up fees. The government has since passed laws requiring banks to process them in the order they appear, not by dollar amount.

For more information, log on to www.bofaoverdraftsettlement.com or call 1-800-372-2390

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