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BoA Charge-off

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Anonymous
Not applicable

Re: BoA Charge-off

I guess I missed that part on the website.  I never saw anything that listed any type of potential payment.  

Message 11 of 13
Phitor
Contributor

Re: BoA Charge-off


@jeduhi wrote:
It's not a class action settlement like that. They're having to pay people for everytime they wrongfully overdrafted I still have my old records & upon preliminary review im owed at least $1,500 this doesn't include if those overdrafts caused other overdrafts which I highly doubt they would pay

Sorry to piggy back this, as I don't have any additional advice on your original inquiry. But the ramifications of this class action law suit interest me; this is the first I have heard of it:

 

1) DW has been a BoA checking/savings customer for years, and has had a non-trivial amount of overdraft fees applied. She knows about this suit, and claims that there is no action by the consumer required. If someone is owed anything from this suit, the amount of money to be recouped will be calculated and sent/creditted automatically. Is this correct?

 

2) Your last point intrigued me. I know you claim that they probably wouldn't take responsbility for other fees as a result of their underhanded business practices, but what about credit derogs that may have been a result? Specific example: DW apparenty has a $500 BoA CC that any overdraft activity is applied too. I don't know all of the details yet, but apparently overdraft-related activity in 11/2010 led to a 30-day derog against this CC for 12/2010. If it can be proven that this overdraft charge is unjustified, I wonder if they would be more willing to remove the 30, as both the bank account and CC are BoA?

Message 12 of 13
jeduhi
Contributor

Re: BoA Charge-off


@Phitor wrote:

@jeduhi wrote:
It's not a class action settlement like that. They're having to pay people for everytime they wrongfully overdrafted I still have my old records & upon preliminary review im owed at least $1,500 this doesn't include if those overdrafts caused other overdrafts which I highly doubt they would pay

Sorry to piggy back this, as I don't have any additional advice on your original inquiry. But the ramifications of this class action law suit interest me; this is the first I have heard of it:

 

1) DW has been a BoA checking/savings customer for years, and has had a non-trivial amount of overdraft fees applied. She knows about this suit, and claims that there is no action by the consumer required. If someone is owed anything from this suit, the amount of money to be recouped will be calculated and sent/creditted automatically. Is this correct? That is what I have read that once it's calculated checks will be mailed out.

 

2) Your last point intrigued me. I know you claim that they probably wouldn't take responsbility for other fees as a result of their underhanded business practices, but what about credit derogs that may have been a result? Specific example: DW apparenty has a $500 BoA CC that any overdraft activity is applied too. I don't know all of the details yet, but apparently overdraft-related activity in 11/2010 led to a 30-day derog against this CC for 12/2010. If it can be proven that this overdraft charge is unjustified, I wonder if they would be more willing to remove the 30, as both the bank account and CC are BoA? I doubt it, BoA has been doing shady business for a long time I don't expect them to change. I think they're being sued about their mortgages too somewhere in the neighborhood of $2B. I could actually point out to them this was part of the reason for me defaulting on my credit card. Doubt they will listen. I will be happy with whatever payment I receive and use it towards continuing my rebuilding process. You could always call, with the way they're going soon they're going to be anxious to hold on to what customers they have and their customer service scores are sure to elevate or fail.


Message 13 of 13
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