Farrell v Bank of America Settlement: How Much Will I Get?

In recent years, there has been a surge in lawsuits against major financial institutions, with customers seeking justice for various wrongdoings. One such case is Farrell v Bank of America, which involves allegations of unfair overdraft fees charged by the bank. If you are a Bank of America customer and have been affected by these fees, you might be wondering how much you could potentially receive from the settlement. In this article, we will delve into the details of the Farrell v Bank of America settlement and provide answers to some frequently asked questions.

The Farrell v Bank of America settlement arose from a class-action lawsuit filed against the bank. The plaintiffs claimed that Bank of America manipulated debit card transactions to maximize overdraft fees. The bank was accused of reordering transactions in a way that would deplete the account faster, resulting in multiple overdraft fees being charged. After years of litigation, the parties reached a settlement agreement in 2011.

Under the terms of the settlement, Bank of America agreed to pay $410 million to affected customers. The settlement fund was established to provide compensation to those who were charged overdraft fees as a result of the bank’s alleged unfair practices. The final amount each customer will receive depends on several factors, including the number of valid claims filed and the account activity during the relevant period.

Now let’s address some frequently asked questions about the Farrell v Bank of America settlement:

1. Who is eligible to participate in the settlement?
– Bank of America customers who were charged overdraft fees between January 1, 2001, and May 24, 2011.

2. How do I file a claim?
– You can visit the settlement website or contact the settlement administrator to file a claim.

3. Is there a deadline to file a claim?
– Yes, the deadline to submit a claim was already passed. The last date to submit a claim was November 1, 2012.

4. When will I receive my compensation?
– The distribution of settlement funds began in 2013. The exact timeline for receiving compensation may vary.

5. How will the compensation be calculated?
– The final amount each customer receives will depend on various factors, including the number of valid claims filed and the account activity during the relevant period.

6. Will I receive the full amount of overdraft fees I paid?
– No, the settlement fund will be distributed among eligible customers, resulting in a proportional share of the total settlement amount.

7. How will I be notified if my claim is approved?
– If your claim is approved, you will receive a check or account credit. The settlement administrator will send a notice informing you of the approval.

8. Can I still participate in the settlement if I no longer hold a Bank of America account?
– Yes, former customers who were charged overdraft fees during the relevant period are eligible to participate.

9. What if I disagree with the settlement terms?
– If you disagree with the settlement terms, you have the option to exclude yourself from the settlement and retain your right to pursue an individual case against Bank of America.

While the Farrell v Bank of America settlement provided some compensation to affected customers, it is essential to understand that the amount received will not necessarily equal the full extent of the overdraft fees paid. However, participating in the settlement allows customers to seek some form of redress for Bank of America’s alleged unfair practices. If you believe you are eligible, it is advisable to contact the settlement administrator for more information on your specific case.