24 May '11, 9am

Bank of America pays US$410m to settle overdraft dispute

WASHINGTON : Bank of America has entered into a preliminary agreement to pay US$410 million to clients who accused it of excessive overdraft fees, according to court documents. The documents released on Monday by a US district court in southern Florida said the class action lawsuit included some one million clients and that a final approval of the settlement would take place on November 7. The case, which dates back to 2009, centered on accusations that the US banking giant had manipulated records of debit card transactions in order to charge higher fees for clients who overdrew their accounts. Other banks are facing legal action on similar grounds.

Full article: http://www.channelnewsasia.com/stories/afp_world_business...