Financial institution of The usa Reaches $75 Million Agreement Over Over the top Overdraft Charges – Funding Watch

(Provides information about financial institution charges, legal professional’s charges, paragraphs 3, 7)By way of Jonathan StempelMay 14 (Reuters) — Financial institution of The usa Corp agreed to pay $75 million to settle a lawsuit accusing the second-largest U.S. financial institution of extracting overdraft charges it didn’t earn from consumers with financial savings and checking accounts, courtroom papers confirmed.A initial agreement of the proposed magnificence motion was once filed on Wednesday with the federal courtroom in Charlotte, North Carolina, the place the financial institution is based totally, and calls for a pass judgement on’s approval.Consumers stated Financial institution of The usa steadily charged more than one $35 charges for inadequate finances or overdrafts on a unmarried transaction, every so often reflecting the financial institution’s …

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