If you were hit with an overdraft fee from Bank of America or any of its predecessor banks between 2000 and 2007 you can make a little easy cash.

The bank recently settled a class-action lawsuit (Closson v Bank of America) that alleged that Bank of America and companies it acquired during that timeperiod (Fleet Bank, Lasalle Bank, and US Trust Company) changed the order in which deposits settled and engaged in other practices which caused customers to overdraw their accounts more frequently.  The class action lawsuit was settled for $35 million and although Bank of America denied any wrongdoing it will pay up to $78 per account holder. 

The amount to be paid out will depend on how many claims are filed although no one individual will receive more than $78.  Thus if 35 million apply presumably the payout will be $1 (the value of the settlement divided by the number of claimants).  If 423,000 people apply then the amount will be $78.  The amount of money you receive does not depend on the number of overdraft fees you received during the period in question.

Eligibility to Receive Bank of America Payout.

Your eligible to receive the money if you had an overdraft fee that occurred during the timeperiods below for each financial institution:

1. Your account was accessible through a debit card, check card, or any other bank card used for debit purchases; AND
2. You paid at least one:
   1. insufficient funds fee, overdraft fee, returned item fee, or similar fee that was assessed to your account within five business days after a Bank of America debit card transaction either occurred or posted to your account; OR
   2. overlimit fee or similar fee that was assessed for an account cycle in which a Bank of America debit card transaction either occurred or posted to your account; AND
3. The insufficient funds fee, overdraft fee, returned item fee, overlimit fee, or similar fee was paid between the following dates:

Bank                             From                            Through

Bank of America         12/6/2000                    12/31/2007

Fleet                              4/1/2004                      12/31/2007

US Trust                       7/1/2007                       12/31/2007

LaSalle Bank              10/1/2007                      12/31/2007

Deadline: The deadline to apply for a claim is May 1, 2009.

How to file:

You can file online or you can send in a claim form.  This and other information is available on the settlement website.  The application does not require you to list the dates of any overdraft fees, but rather to state the dates that you were a customer of the bank or one the acquired banks.   You are required to swear under penalty of perjury that you did indeed receive an overdraft fee or some other qualifying fee during the timeperiod, 

• View Closson v Bank of America Settlement Website