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Bank of America settles lawsuit over overdrafts

kgo
By ABC7
Tuesday, November 8, 2011
SAN FRANCISCO

A federal judge in Miami has approved a $410 million settlement to be split among 13 million current and former Bank of America customers who used debit cards over the past decade.

The lawsuit was over excessive overdraft fees. The suit claimed the bank processed its debit card and check payments in a way that triggered overdrafts.

Most people will recover only a fraction of what they paid.

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