UMB Bank Overdraft Fee Class Action Settlement

UMB Bank is the latest bank to reach a class action lawsuit settlement over the way it unlawfully charged overdraft fees. As a result, anyone who was charged an overdraft fee by a UMB Bank from 2005 through 2010 may be able to receive a cash payment from the UMB Bank overdraft fee settlement.

The UMB Bank overdraft fee class action lawsuit, entitled Allen and Lande v. UMB Bank, N.A., et al., alleged that UMB didn’t process transactions in the order that they were made, which increased the number of overdraft fees charged to certain UMB Bank accounts. Overdraft fee class action lawsuit settlements have been reached with several other banks for the same unlawful practices, including Bank of America, Fifth Third Bank, and National City Bank (PNC). Class action lawsuits are still pending against Union Bank, FirstMerit Bank and more.

UMB denies any wrongdoing, but has agreed to create a $7.8 million settlement fund to pay out Class Members and resolve the litigation.

Class Members of the UMB Bank overdraft fee settlement include anyone who had a personal deposit account with UMB and was charged more than one overdraft fee on a single day as a result of the order that transactions were processed in their account from April 5, 2005 through August 31, 2010. Class Members will receive reimbursement for the total number of unlawful overdraft fees they were charged during the class period, which may be reduced if the total number of overdrafts for the entire Class, plus the deductions made for attorneys’ fees and costs and expenses, exceed the $7.8 million class action settlement.

Class Members who currently have an account with UMB will receive a direct deposit of their class action settlement into their account; Class Members who are no longer UMB customers will be sent a check in the mail.

To remain a member of the UMB overdraft fee class action settlement, you do not have to do anything; you will automatically receive benefits from the settlement if it is approved at the hearing on October 31, 2011. If you wish to exclude yourself, however, and retain your right to sue individually, you must submit your request for exclusion by October 11, 2011.

 

More information on your rights in the UMB Bank Overdraft Fee Class Action Lawsuit Settlement, including details on how to opt out, can be found in our Open Lawsuit Settlements section.