Does Bank of America Owe You Money?

Anyone who has ever been hit with overdraft fees will appreciate this, especially if one has accounts at Bank of America or any of its acquired trust companies. If they dinged you anytime between 2000 and 2007, you may be entitled to some mean green.

Bank of America recently settled a class-action lawsuit that alleged it (and by extension, Fleet Bank, LaSalle Bank and U.S. Trust Company, which it acquired during that period) changed the posting order of transactions and embarked on other activities in order to increase the revenue it received from non-sufficient funds fees, overdraft fees and similar charges. The lawsuit, which was settled for $35 million, also alleged that the bank failed to warn customers that certain transactions were triggering fees. Even though Bank of America denies any wrongdoing, it is agreeing to pay up to $78 per account holder.

However, according to Bretton Woods, a financial services advisory firm, that amount is only a fraction of the $368 the AVERAGE HOUSEHOLD pays in overdraft fees each year!

In view of our failing economy, we all do well to find out whether we can get a piece of the $78 action from Bank of America seeing as how they may have acquired it by not-so-honorable methods. For some, the money may not necessarily be the issue as opposed to the priniciple of 'What's mine is mine.' How do you get yours? Here's the skinny ...

Deadline: May 1, 2009 -- Remember it's YOUR money. Do not procrastinate!

Eligibility: Payouts are for account holders at Bank of America or its acquired banks. You must have been charged an insufficient funds fee, overdraft fee, returned item fee, or similar fee within a set period of time: Bank of America (Dec. 6, 2000 through Dec. 31, 2007), Fleet Bank (April 1, 2004 through Dec. 31, 2007), U.S. Trust Company (July 1, 2007 through Dec. 31, 2007), or LaSalle Bank and LaSalle Bank Midwest (Oct. 1, 2007 through Dec. 31, 2007). During that time, you must also have had access to your account through a debit or other bank card.

Payout: Up to $78 per claimant, depending on the number of claims.

Filing Procedure: Fill out the forms here -- online, or print out a version to mail in. Provide your name, address, telephone number and a few details about eligibility (dates you were a customer and the eligible account number). You do not need to detail specific instances when you were charged a fee. If you'd rather not send your account number, you can specify your home address at the time you believe a fee was incurred.

SOURCE: www.smartmoney.com

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