Bank of America Reaches $75 Million Settlement Over Excessive Overdraft Fees

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(Adds details about bank fees, attorney’s fees, paragraphs 3, 7)By Jonathan StempelMay 14 (Reuters) — Bank of America Corp agreed to pay $75 million to settle a lawsuit accusing the second-largest U.S. bank of extracting overdraft fees it didn’t earn from customers with savings and checking accounts, court papers showed.A preliminary settlement of the proposed class action was filed on Wednesday with the federal court in Charlotte, North Carolina, where the bank is based, and requires a judge’s approval.Customers said Bank of America often charged multiple $35 fees for insufficient funds or overdrafts on a single transaction, sometimes reflecting the bank’s …

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