Bank of America has been asked to pay $410 million to settle an overdraft suit, The Wall Street Journal reports. As per the settlement, the bank will put the money in an escrow account that will be divided among people who were charged overdraft fees because of checking-account or debit-card transactions as early as 2001.
The suit alleges banks systematically resequenced debit transactions to boost overdraft fee revenue. Other banks named in the lawsuit include Citigroup, JP Morgan Chase, Wells Fargo, US Bancorp, SunTrust Banks and Huntington Bancshares.
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