The check is in the mail!If you’re like me, it was exciting news to learn that the class action lawsuit against B of A for their $35. overdraft fees was settled in our favor. This happened the very same week the Goliath had sent two new debit cards. Odd, the one we shared was still good. A friendly operator assured me that this card offered more features. Further investigation revealed that the main feature was that they could now charge us $5 each per month – I can see why it wasn’t on her selling point list.
The greedy giant swore they would never give up the five dollar scam even when other banks backed out, and customers flocked to credit unions. Oddly, they did relent at approximately the same time that they settled the lawsuit. I should mention that there would not have been a lawsuit if not for plucky grad Molly Katchpole who started the ball rolling with a petition.
What a lesson we’ve taught them! In ten years, the behemoth of banking took in 4.5 BILLION on debit card overdraft fees ALONE, and were ordered to pay $410 million dollars. The average customer paid $300 in fees, and each of the 13 million customers will receive the magnificent amount of $27.00. I guess it’s the principle of the thing, but I’m not alone in adopting the new Pirate Treasure Box banking system, and can’t help but wonder what the dentist did with the gold crown he extracted – we won’t get fooled again!