1. What is the current status of the case?
Distribution of awards via an account credit or award check is now complete. Award checks were mailed between the dates of November 12, 2012 and November 26, 2012 in the form of a postcard check.
2. Where can I cash my check?
The postcard check format is a valid check type and should be able to be cashed at any bank or check cashing establishment. If you are experiencing issues cashing your check, you may take the check to the bank that issued the check which is US Bank, N.A. You may also cash this settlement check at any branch of Bank of America, N.A.
3. What is the timeframe to request a reissued check?
The timeframe to request a check reissue has now passed as of the initial check distribution void date of May 25, 2013. The Settlement Administrator is no longer accepting check reissue requests.
4. How was my award calculated?
Award calculations were done separately for each individual Settlement Class Member using that class member’s own Account and Overdraft Fee history and applying the formula set forth in the Court-approved Settlement Agreement.
Not all Overdraft Fees you may have paid are eligible for compensation under the terms of the Settlement; in general, only those paid Overdraft Fees that would not have been assessed but for the posting order used to process transactions are eligible for compensation under the Settlement. And of the Overdraft Fees that are eligible, only a portion or percentage of those fees is payable under the Settlement. The formula to determine which fees are eligible and how the percentage was calculated is located in the Settlement Agreement under Section XI. A complete copy of the Settlement Agreement, including Section XI, is posted under the Court Documents tab of this Settlement Website.
5. I have not received a Settlement credit or check yet. What is the status of my payment?
The distribution of the Settlement payments by account credit for most current customers or by mailed check for former customers and some current customers was completed on November 26, 2012. Those checks mailed toward the end of November may not be delivered until early December.
If you are a Settlement Class Member and if you have not received your award by account credit or by mailed check by December 10, 2012, you may request that your award status be researched by writing to the Settlement Administrator at Checking Account Overdraft Litigation, P.O. Box 2505, Faribault, MN 55021-9505
6. Can Settlement Class Members request a check instead of an account credit?
No. The Settlement Agreement specifies what categories of Settlement Class Members will receive an account credit or a mailed check. In general, Settlement Class Members who no longer have an Account will receive a mailed check, and that Settlement Class Members who currently have an Account will receive an account credit.
7. How will I know if I receive an account credit?
Account credits will be applied on or about November 2, 2012. An account credit will be made to the Accounts of those Settlement Class Members who are entitled to a payment from the Settlement and who currently have an open and active Account. An account credit from the Settlement will be indicated in both account details within Online Banking and the statement detail as "Chking Acct Overdraft Settlement Credit." The credit should appear on the Account statement for the November 2012 statement cycle.
8. How will I receive payment from the Settlement if I have had multiple accounts with Bank of America and some of the accounts are now closed but some accounts are still open and active? What if I have multiple closed accounts or multiple open accounts?
Accounts were reviewed individually to determine whether, in light of the overdraft activity in the Account during the Class Period and application of the allocation formula set forth in the Court-approved Settlement Agreement, the holder of the Account qualified for a payment from the Settlement. Settlement Class Members will receive an account credit in each currently open and active Account that qualified for a payment from the Settlement. Settlement Class Members will receive one check mailed from the Settlement Administrator for each closed Account that qualified for a payment from the Settlement.
9. When can I expect to receive my payment?
The parties presently anticipate that distribution of the Settlement “payments” by account credit for current customers or by mailed check for former customers will be completed by November 30, 2012. Those checks mailed toward the end of November may not be delivered until early December.
10. My name changed, because I got married/divorced. Can I still use the check?
Yes. Please go to your financial institution first as they may cash the check if documentation regarding the status of your name change is presented.
If your bank will not cash the check, please void it and return it to the Settlement Administrator, along with a letter of instruction and proof of your name change (e.g., a copy of your marriage certificate). Please send the voided check, written reissue request and any supporting documentation to Checking Account Overdraft Litigation, P.O. Box 2505, Faribault, MN 55021-9505.
11. I recently moved and believe the payment was mailed to my old address? Can you update my address and re-mail my check?
Yes. Please send a letter requesting a reissuance of your check which includes your former and current mailing addresses to Checking Account Overdraft Litigation, P.O. Box 2505, Faribault, MN 55021-9505.
12. The person listed on the check is deceased. What do I do?
Please go to your financial institution first as they may cash the check if documentation regarding the status of the account holder and your status as the beneficiary/executor is presented.
If your bank will not cash the check, please void it and return it to the Settlement Administrator, along with a letter of instruction and proof of beneficiary/executor. This would include a copy of the death certificate. If you are listed as the surviving spouse on the Death Certificate, this is all the evidence the Settlement Administrator will need to reissue the check to you.
If you are NOT listed on the death certificate, we need a copy of court documents that list you as the estate executor or equivalent.
Please send the voided check, written reissue request and any supporting documentation to Checking Account Overdraft Litigation, P.O. Box 2505, Faribault, MN 55021-9505.
13. The claimant is now under guardianship/has given me power of attorney, what do I do?
Please go to your financial institution first as they may cash the check if documentation regarding the status of the claimant and your status as the guardian/power of attorney is presented.
If your bank will not cash the check, please void it and return it to the Settlement Administrator, along with a letter of instruction and proof of guardianship/power of attorney.
Please send the voided check, written reissue request and any supporting documentation to Checking Account Overdraft Litigation, P.O. Box 2505, Faribault, MN 55021-9505.