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Bank Of America Paying Out $410 Million For Reordering Your Transactions To Maximize Overdraft Fees

Thursday, July 14, 2011 - 10:43 AMBank of America - Details
From The Consumerist
What makes this Bank of America $410 million class action settlement special is that it's over a basic consumer banking business practice. For years, banks have been processing your daily transactions in order from highest to lowest, rather than real-time. They say they're doing us a favor so that if we have a check bounce, it's the one for the babysitter and not the mortgage payment. But this class action suit claims that Bank of America did this to unjustly enrich itself. It's one of over 60 lawsuits against various banks for similar practices, and it could reshape the entire industry.

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