On June 6, 2014, Tycko & Zavareei filed a class action lawsuit against Defendant Bank of America, N.A. in the U.S. District Court for the Eastern District of Pennsylvania. The complaint alleges that Bank of America charges overdraft fees on transactions for which there are sufficient available funds in customers’ checking accounts at the time the transactions were authorized and approved. Like many other banks, Bank of America engages in this scheme in order to generate revenue. This practice is in direct violation of the account terms and conditions that customers agree to when they open a checking account. As a result, consumers end up paying unlawful overdraft fees to Bank of America.
Bank of America is not the only bank who engages in a deceptive overdraft fee scheme. If your bank charges you more than one overdraft fee in a short period of time, we would like to hear from you. Please contact us at 202-973-0900 or fill out a contact form.