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  • Bank of America Corp. (NYSE:BAC) to Pay $410 Million to Settle Overdraft Fee Case

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    Monday Feb 7, 2011 at 12:29 pm EST
    Bank of America (NYSE:BAC) to Pay $410 Million to Settle Overdraft Fee Case
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    Bank of America Corp. (NYSE:BAC) said that it was held guilty of charging excessive overdraft fees and has agreed to pay $410 million as a settlement. Bank of America Corp. also said that it has changed its overdraft fees charging practice already. There is no overdraft fees related to debit transactions now. Banks usually charge between $25 and $35 fee to clients as overdraft fees.

    The case claimed that Bank of America Corp. had not informed the clients about an option of refusing the 'overdraft protection' fees. The customers were charged an overdraft fees anytime thy purchased anything worth more than their balance. Ideally the transaction in this case should get declined if there is not enough balance in th accounts instead of being charged overdraft fees. As per new rules Bank cannot charge fee on debit cards and electronic transactions without informing customers.

    Shares of Bank of America Corp. (NYSE:BAC) are trading at $14.67 on Monday just above resistance level of $14.38. Major support points for Bank of America Corp. (NYSE:BAC) below current price are at $14.39, $13.67, $13.26, $12.5, $11.95 and at $11.6. Resistance levels above current price are at $14.95 and $15.57.

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