The nation's largest bank has started contacting customers who may be entitled to a refund. It recently reached a class-action settlement over the way it charged overdraft fees.
Bank of America agreed to set up a $410 million fund to settle the lawsuit. The money will be used to pay back customers who were charged overdraft fees under a certain Bank of America policy.
To inform customers that they may be eligible for a refund of some overdraft fees, Bank of America is sending postcards to customers with a brief explanation of the settlement and the address of a website where more information is available.
Customers who are part of the class don't need to do anything to receive a payment or account credit. They will automatically receive their money if the court approves the settlement at a hearing scheduled for Nov. 7.
More details about the settlement are available on the website, www.bofaoverdraftsettlement.com. Customers may also call 800-372-2390 for more information.
