This settlement seems wrong to me

[eflatminor]

I've not been following this case, so I'm only going off the AP article:

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.

Am I the only one that thinks "Hey, if you don't like the overdraft and other fees your bank charges, get another bank...or pay cash"? Nobody was charged a fee they shouldn't have been. No contract was violated. I don't get it. Besides, why wouldn't a business organize there processing sequence in such a way to maximize revenue to that business? It's only logical.

Then I read this:

New regulations enacted following the recent financial crisis prohibit banks from charging overdraft fees on debit cards without first getting customer permission.

Oh, that'll fix everything. Damn meddlers.

Then I read this!

Many of the objections concerned the fees for the team of class-action attorneys, which would amount to about $123 million.

Oh, I get it.

The link: Judge OKs $410M settlement for Bank of America - Yahoo! News