BofA settles overdraft suit; Is Chase next?
It has been well documented that Chase has a firm hand in manipulating deposits and credits to maximize overdraft fees, so this settlement by Bank of America against a suit filed in 2000 for similar behavior, in which Chase is also a defendant, has us wondering if Chase is next? BofA settled for $410 million.
NEW YORK (Reuters) – Bank of America Corp (BAC.N) has agreed to pay $410 million to settle lawsuits accusing it of charging customers with excessive overdraft fees, court documents show.
The largest U.S. bank by assets is among the more than two dozen U.S., Canadian and European lenders named as defendants in the class-action litigation, which in 2009 consolidated lawsuits filed across the country.
JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N) and Wells Fargo & Co (WFC.N) are among the other defendants named in the case, court records show.
Fees & charges | admin February 7, 2011
