U.S. banks with more than $1 billion in assets took in a combined $11.68 billion in overdraft fees in 2019, the Center for Responsible Lending (CRL) found in June 2020.
Bank of America’s five-year moratorium of retry fees is expected to cost the bank — and save customers — $318 million overall, or $5.3 million a month, plaintiffs’ lawyers said.
The court paperwork, filed Wednesday in the U.S. District Court for the Western District of North Carolina, awaits a judge’s approval. Bank of America neither admitted nor denied wrongdoing in the settlement.
