BofA reaches $ 6 million deal to settle automatic credit card payment process

Law360 (May 24, 2021, 10:35 p.m. EDT) – A proposed class of about 100,000 consumers on Monday asked a New Jersey federal judge to pre-approve a $ 5.95 million settlement that would resolve claims that Bank of America is said to have tricked its credit card holders into choosing the highest interest option for their monthly payments, in violation of debt collection law.

The proposed deal would create a $ 5.95 million pooled fund funded by the North Carolina-based bank, in which group members would receive automatic checks commensurate with the interest they paid.

The interest period runs from the time a consumer’s “Amount Due” payment option was available until the time their “exchange …

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