August 28, 2015 / 12:12 PM / 4 years ago

Bank of America customers appeal dismissal of overdraft lawsuit

(Reuters) - Lawyers are asking a federal appeals court to revive a proposed class action accusing Bank of America of collecting unlawfully high interest rates, styled as fees, from customers who let their checking accounts stay overdrawn for several days.

Filed in March on behalf of Bank of America customers nationwide, the lawsuit said the bank is charging annual interest rates as high as several hundred percent when customers’ accounts are overdrawn for five days, violating the National Bank Act’s prohibitions against excessive interest. The customers are represented by lawyers at Kelley Uustal, Hargrove Pierson & Brown and other firms.

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