Bank of America’s Overdraft Fees on Uber Transactions

In March 2018, a federal judge preliminarily approved a settlement agreement that would resolve a false advertising class-action lawsuit filed against Bank of America in 2016. The complaint, which was amended in March 2018, alleges that Bank of America represents that it does not charge overdraft fees on non-recurring transactions when, according to the plaintiffs, the company misclassifies Uber transactions as recurring transactions and, as a result, charges overdraft fees on them. According to the settlement terms, class members may receive an equal share of a $22 million settlement fund after expenses – including administrative expenses, service awards, and other fees – are paid. A final fairness hearing is scheduled for August 8, 2018. For more information, go to https://www.rideoverdraftsettlement.com/. (Pantelyat et al v. Bank of America, N.A. et al, Case No. 16-cv-8964, S.D.N.Y.)

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