It looks like Bank of America has been charging clients with additional fees, so excessive that numerous lawsuits have been filed against the bank. It all started with several complaints from consumers and particularly from Plaintiff Ralph Tornes, who sued the bank for their high overdraft fees.
In 2009 numerous lawsuits, filed across the country, were consolidated in overdraft fee class action litigation. Bank of America agreed to pay $410 Million Overdraft Fee for settling its part in the lawsuit. More so, the bank agreed to pay more than two dozen other lenders.
Thanks to all the lawsuits, it became clear that Bank of America has been manipulating debit transactions so that it could charge people with the excessive overdraft fees. It’s not clear what was the exact amount of money the bank stole over the years thanks to these fees, but many US citizens claimed it was more than $410 million.