Bank of America agrees to settlement of $27.5m to end overdraft fee suit

Bank of America has agreed to a settlement of $27.5m with millions of checking account holders to end claims it improperly imposed overdraft fees on authorised purchases. Bank of America was accused of breaching contracts with account holders by automatically assessing improper overdraft fees. 

By Kali Hays (January 13, 2016, 6:55 PM EST) -- Bank of America and a proposed class of millions of checking account holders have reached a $27.5 million deal settling claims that the bank improperly imposed overdraft fees on authorized purchases, with plaintiffs on Wednesday telling a Pennsylvania federal court the settlement provided "substantial" relief....

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