Frequently Asked Questions

  1. Why did I receive a notice directing me to this website?

    A court authorized this notice because you have a right to know about the proposed Settlement of this class action lawsuit and about all of your options, before the Court decides whether to give final approval to the Settlement. This notice explains the lawsuit, the Settlement, and the legal rights of Settlement Class Members.

    Judge M. James Lorenz, of the U.S. District Court for the Southern District of California, is overseeing this case. The case is known as Joanne Farrell v. Bank of America, N.A., Case No. 3:16-cv-00492-L-WVG. The people who sued are called “Plaintiffs.” The Defendant is BANA.

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  2. What is this lawsuit about?

    The lawsuit claims that EOBCs assessed in connection with consumer checking accounts violate the National Bank Act’s usury limit.

    The complaint in this Action is posted here. BANA denies liability. The Court has not decided which side is right.

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  3. Why is this a class action?

    In a class action, one or more people called Class Representatives (in this case, four BANA customers who were assessed EOBCs) sue on behalf of people who the Class Representatives believe have similar claims.

    All of the people who have claims similar to the Class Representatives are members of the Settlement Class, except for those who exclude themselves from the Settlement Class.

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  4. Why is there a settlement?

    The Court has not decided in favor of either the Plaintiffs or BANA. Instead, both sides agreed to the Settlement. By agreeing to the Settlement, the Parties avoid the costs and uncertainty of a trial, and Settlement Class Members receive the benefits described in this notice. The Class Representatives and their attorneys think the Settlement is best for everyone who is affected.

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  5. Who is included in the Settlement?

    If you received notice of the Settlement from a postcard or email addressed to you, then the Parties believe you are in the Settlement Class. But even if you did not receive a postcard or email with notice of the Settlement, you may still be in the Settlement Class, as described below. If you did not receive a postcard or email addressed to you but you believe you are in the Settlement Class, as defined below, you may contact the Settlement Administrator.

    The Settlement Class includes:

    All holders of BANA consumer checking accounts who, between February 25, 2014 and December 30, 2017, were assessed at least one EOBC that was not refunded.

    If this did not happen to you, you are not a member of the Settlement Class. You may contact the Settlement Administrator if you have any questions as to whether you are in the Settlement Class.

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  6. What does the Settlement provide?

    The Settlement provides that BANA will provide sixty-six million six hundred thousand dollars ($66,600,000) to settle the class action (the “Settlement Amount”). Of the Settlement Amount, BANA will pay thirty-seven million five hundred thousand dollars ($37,500,000) in cash, and BANA will provide debt reduction in an amount estimated to equal twenty-nine million one hundred thousand dollars ($29,100,000). After paying certain other costs and court-approved amounts, the cash relief will be distributed among Settlement Class Members who paid one or more EOBCs that they incurred in connection with their BANA personal checking accounts between February 25, 2014 and December 30, 2017.

    Settlement Class Members who currently hold the BANA checking accounts from which they paid EOBCs during the Class Period will have their cash awards deposited directly into their accounts. Settlement Class Members who no longer hold the BANA checking accounts from which they paid EOBCs during the Class Period will receive their cash awards via check. Each Settlement Class Member’s cash award will depend upon the number of EOBCs the Settlement Class Member paid and on the total number of Settlement Class Members. The debt relief will be provided to Settlement Class Members whose consumer checking accounts were closed in overdrawn status with an EOBC still pending and whose overdrawn balances remain due and owing to BANA. Debt relief will be provided in the form of debt reduction, in an amount up to $35, but in no event exceeding the amount of a Settlement Class Member’s overdrawn balance remaining due and owing to BANA. Debt relief will not result in any cash payments to Settlement Class Members.

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  7. How do I receive a cash payment, account credit, or debt reduction?

    If you are in the Settlement Class and entitled to receive a cash payment, account credit, or debt reduction, you do not need to do anything to receive the relief to which you are entitled under the Settlement. If the Court approves the Settlement and it becomes final and effective, you will automatically receive a payment, account credit and/or debt reduction.

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  8. What if the class member is deceased?

    Any Class Member Award paid to a deceased Class Member shall be made payable to the estate of the deceased Class Member, provided that the Class Member’s estate informs the Administrator of the Class Member’s death at least thirty (30) calendar days before the date that Class Member Award checks are mailed and provides a death certificate confirming that the Class Member is deceased. If the Class Member’s estate does not inform the Administrator of the Class Member’s death at least thirty (30) calendar days before Class Member Award checks are mailed, the deceased Class Member will be barred from receiving a Class Member Award under this Settlement.

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  9. When would I receive my monetary compensation?

    The Court will hold a hearing on June 18, 2018, to decide whether to approve the Settlement. Cash payments, account credits, and debt reductions will be made to eligible Class Members after the Settlement is finally approved and any appeals or other required proceedings have been completed. You may visit this website for updates on the progress of the Settlement. Please be patient.

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  10. What am I giving up to stay in the Settlement Class and receive monetary compensation?

    If the Settlement is finally approved, each Settlement Class Member who has not excluded himself or herself from the Settlement Class pursuant to the procedures set forth in the Settlement Agreement releases, waives, and forever discharges BANA and each of its present, former, and future parents, predecessors, successors, assigns, assignees, affiliates, conservators, divisions, departments, subdivisions, owners, partners, principals, trustees, creditors, shareholders, joint ventures, co-venturers, officers, and directors (whether acting in such capacity or individually), attorneys, vendors, accountants, nominees, agents (alleged, apparent, or actual), representatives, employees, managers, administrators, and each person or entity acting or purporting to act for them or on their behalf, including, but not limited to, Bank of America Corporation and all of its subsidiaries and affiliates (collectively, “BANA Releasees”) from any and all claims they have or may have against the BANA Releasees with respect to the assessment of EOBCs as well as (i) any claim or issue which was or could have been brought relating to EOBCs against any of the BANA Releasees in the Action and (ii) any claim that any other overdraft charge imposed by BANA during the Class Period, including but not limited to EOBCs and initial overdraft fees, constitutes usurious interest, in all cases including any and all claims for damages, injunctive relief, interest, attorney fees, and litigation expenses (“Released BANA Claims”).

    Each Settlement Class Member who does not exclude himself or herself from the Settlement Class will also be bound by all of the decisions by the Court. Section 2.3 of the Settlement Agreement describes the precise legal claims that you give up if you remain in the Settlement. The Settlement Agreement is available here.

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  11. How do I exclude myself from the Settlement?

    If you do not want benefits from the Settlement, and you want to keep the right to sue or continue to sue BANA on your own about the Released BANA Claims, then you must take steps to get out of the Settlement. This is called excluding yourself – or it is sometimes referred to as “opting out” of the Settlement Class.

    To exclude yourself from the Settlement, you must send a dated letter that includes the following:

    • Your name, address, telephone number, and your BANA checking account number(s);
    • A statement that you want to be excluded from the BANA EOBC Settlement in Joanne Farrell v. Bank of America, N.A., Case No. 3:16-cv-00492-L-WVG and that you understand you will not receive any money or debt reduction from the Settlement; and
    • Your signature.

    You must mail your exclusion request, postmarked no later than April 20, 2018, to:

    EOBC Litigation Exclusions
    P.O. Box 3170
    Portland, OR 97208-3170

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  12. If I do not exclude myself, can I sue BANA for the same thing later?

    No. Unless you exclude yourself, you give up the right to sue BANA for the claims that the Settlement resolves. You must exclude yourself from this Settlement Class in order to try to pursue your own lawsuit.

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  13. If I exclude myself, can I still receive payment, account credit, or debt reduction?

    No. You will not receive a cash payment, account credit and/or debt reduction if you exclude yourself from the Settlement.

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  14. Do I have a lawyer in this case?

    The Court has appointed lawyers to represent you and others in the Settlement Class as “Class Counsel”.

    Class Counsel
    Hassan Zavareei
    Tycko & Zavareei LLP
    1828 L St. NW
    Suite 1000
    Washington, DC 20036
    Jeff Ostrow
    Kopelowitz Ostrow P.A.
    1 West Las Olas Blvd.
    Suite 500
    Fort Lauderdale, FL 33301
    Bryan Gowdy
    Creed & Gowdy, P.A.
    865 May Street
    Jacksonville, FL 32204
    Cristina Pierson
    John R. Hargrove
    Kelley Uustal PC
    500 North Federal Highway
    Suite 200
    Fort Lauderdale, FL 33301

    Class Counsel will represent you and others in the Settlement Class. You will not be charged for these lawyers. If you want to be represented by your own lawyer, you may hire one at your own expense.

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  15. How will Class Counsel and the Class Representative be paid?

    Class Counsel may request up to twenty-five percent (25%) of the Settlement Value for attorneys’ fees, plus reimbursement of their expenses incurred in connection with prosecuting this case. The fees and expenses awarded by the Court will be paid out of the Cash Settlement Amount, as that term is defined in the Settlement Agreement. The Court will determine the amount of fees and expenses to award. Class Counsel may also request awards of up to $5,000.00 for each Class Representative to be paid from the Cash Settlement Amount for their service to the entire Settlement Class.

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  16. How do I tell the Court I do not like the Settlement?

    You can tell the Court that you do not agree with the Settlement or some part of it.

    If you are a member of the Settlement Class, you can object to any part of the Settlement, the Settlement as a whole, Class Counsel’s requests for attorneys’ fees and expenses and/or Class Counsel’s request for awards for the Class Representatives. To object, you must submit a letter that includes the following:

    • The case name and number, which is Joanne Farrell v. Bank of America, N.A., Case No. 3:16-cv-00492-L-WVG;
    • Your name, address, telephone number, and signature;
    • An explanation of the nature of your objection and citation of any relevant legal authority;
    • The number of times you have objected to a class action settlement in the past five years and the caption for any such case(s);
    • The identity of any counsel representing you; and
    • Whether you (on your own or through an attorney hired by you) intend to testify at the final approval hearing.

    You must submit your objection by first class mail postmarked no later than April 20, 2018 to the following addresses:

    The Court Class Counsel Defendant's Counsel
    Clerk of the Court
    U.S. District Court for the
    Southern District of California
    Judge M. James Lorenz
    Courtroom 5B
    Suite 5145
    221 West Broadway
    San Diego, CA 92101
    Jeff Ostrow
    Kopelowitz Ostrow P.A.
    1 West Las Olas Blvd.
    Suite 500
    Fort Lauderdale, FL 33301
    Matthew W. Close
    O’Melveny & Myers LLP
    400 S. Hope Street
    Los Angeles, CA 90071

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  17. What is the difference between objecting and excluding myself?

    Objecting is telling the Court that you do not like something about the Settlement. You can object to the Settlement only if you do not exclude yourself from the Settlement. Excluding yourself from the Settlement is telling the Court that you don’t want to be part of the Settlement. If you exclude yourself from the Settlement, you have no basis to object to the Settlement because it no longer affects you.

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  18. When and where will the Court decide whether to approve the Settlement?

    The Court will hold the Final Approval Hearing to decide whether to approve the Settlement and the request for attorneys’ fees and Service Awards for Class Representatives. You may attend and you may ask to speak, but you don’t have to do so.

    The Court will hold a Final Approval Hearing on June 18, 2018 at 11:00 a.m., at the United States District Court for Southern District of California, located at Courtroom 5B, Suite 5145, 221 West Broadway, San Diego, California 92101. The hearing may be moved to a different date or time without additional notice, so it is a good idea to check this website or call the toll-free number for updates. At this hearing, the Court will consider whether the Settlement is fair, reasonable, and adequate. The Court will also consider any request by Class Counsel for attorneys’ fees and expenses and for Service Awards for Class Representatives. If there are objections, the Court will consider them at this time. After the hearing, the Court will decide whether to approve the Settlement. We do not know how long these decisions will take.

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  19. Do I have to come to the hearing?

    No. Class Counsel will answer any questions the Court may have. But you may come at your own expense. If you send an objection, you don’t have to come to Court to talk about it. As long as you submitted your written objection on time, to the proper address, and it complies with the requirements set forth above, the Court will consider it. You may also pay your own lawyer to attend, but it’s not necessary.

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  20. May I speak at the hearing?

    You may speak at the Final Approval Hearing if you have filed and served a timely objection to the Settlement according to the procedures set out in FAQ 16.

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  21. What happens if I do nothing at all?

    If you do nothing, you will still receive the benefits to which you are entitled. Unless you exclude yourself, you will not be able to start a lawsuit, continue with a lawsuit, or be part of any other lawsuit against BANA relating to the legal issues in this case or the conduct alleged in the complaint.

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  22. Are there more details about the Settlement?

    This website is a summary of the Settlement. More details can be found in the Settlement Agreement. You may also write with questions to EOBC Litigation, P.O. Box 3170, Portland, OR 97208-3170, or call the toll-free number, 1-888-396-9598.

    DO NOT CONTACT BANA OR THE COURT FOR INFORMATION.

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