Terms of Settlement Violated - Any Recourse

[ddeveaux]

What is the name of your state (only U.S. law)? NJ

In 2008, Bank of America withdrew funds from my acct which should not have been done and caused overdraft and other charges. I filed arbitration against them and BOA settled for the amt in question ($1000), without admitting wrongdoing, etc. We signed letter saying settled and that we wouldn't bring action against them for same issue, etc.

In 2009, Bank of Amer AGAIN took out money for same thing as above. Evidently the recovery dept saw that the money had been put back (by BOA) and took it again. It was for same thing as in 2008. My question is whether I have any ADDL recourse considering they violated their own agreement and again took money out.

I know I can, and will, either file arb or small claims for the money they took out again, but are there any punitive damages that can be added and under what law might this be? Also, I live in GA but acct was opened in NJ so assuming that is the relevant law.

Thanks!

 

[Zigner]

The current instance is a separate event.

Why do you still bank with them?

 

[ddeveaux]

The current instance is a separate event.

Why do you still bank with them?

Yes, there is no reason and am actually in process of changing now, but for this issue I think there may be a strategic advantage to wait until after it is resolved else they may be more reluctant to settle. However, I cannot agree more that BOA $%#! Actually do not bank with them for my business...which is where the issue arose in 2008 to begin with.

 

[ddeveaux]

The current instance is a separate event.

When you say seperate event, except the money that they took out was essentially part of the initial settlement. It wasn't for a different reason, it was same reason, date, etc. Else they could keep giving it to me then take it out next day ad infinitum.

 

[Zigner]

When you say seperate event, except the money that they took out was essentially part of the initial settlement. It wasn't for a different reason, it was same reason, date, etc. Else they could keep giving it to me then take it out next day ad infinitum.

Of course not - when you're at a different bank, you won't have to worry about this!