Bank of America $410 MILLION dollar lawsuit

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Judge considers $410M settlement in BofA lawsuit - US news - msnbc.com

A few gems:

Attorneys for the Charlotte, N.C.-based bank and the customers both told Senior U.S. District Judge James Lawrence King the agreement was fair and reasonable, even though customers would only receive a fraction of what they paid in overdraft fees. It was not clear if King would rule Monday in the 2½-year-old case.

Greed is good huh

The consideration of the settlement comes a week after Bank of America backed off a plan to charge a $5 monthly fee for debit-card purchases. The outcry prompted other major banks, including JPMorgan Chase & Co. and Wells Fargo & Co., to cancel trial tests of their own debit card fees.

OWS?

The lawsuit claimed that Bank of America processed its debit card transactions in the order of highest to lowest dollar amount so it could maximize the overdraft fees customers paid.

No, scratch that, Greed is fucking awesome

Despite the settlement, Bank of America insists there was nothing improper about the processing sequence. New regulations enacted following the recent financial crisis prohibit banks from charging overdraft fees on debit cards without first getting customer permission.

Another complaint concerns missing records for customers from 2001 through 2003, which has made them impossible to identify.

Wait, scratch that again, Greed is the Shiznit!

 

[Luissa]

I stopped using them when they charged be $50 for a certain transaction, then charged me overdraft fee when the fee put at a negative balance. Of course I had money in my savings account, but they didn't bother to notify me about the fee. Lol

 

[WillowTree]

Stupid.. I have never used anything but a credit union.

 

[Inthemiddle]

Credit unions are definitely the way to go. As much as these large banks irritate me with some of the BS they try to pull nowadays, what irritates me even more is that people continue to use them and then get shocked that they operate as if having no accountability whatsoever. If everyone started pulling their money out and taking it elsewhere these predatory bankers would straighten up in a jiffy.