According to the Wall Street Journal,

Earlier this month, the bank sent notices to customers announcing a slew of pricing changes, scheduled to go into effect June 5, that would have raised the overdraft fee to $39 from $35 per item. On Monday, citing the “increase in unemployment,” the bank said it was suspending that increase and keeping the fee at $35, according to spokesman Jim Pierpoint.

Either way, if a payday loan costs $15-$17 per $100…you can see why consumers use payday loans to avoid overdraft fees.

Bank of America has settled a class action lawsuit totaling $35 million for predatory overdraft policies between 2000 and 2007.  If you were a customer at that time, you can claim your $78 here.  Unfortunately that comes no where near the $368 per year the average household pays in overdraft fees.  For those doing the math at home, that means if you were a Bank of America customer for the entire 7 year period of the class, you likely paid them an average of $2,576 and they’re kindly throwing $78 (or about 3%) of your money back at you.