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Bank of Hawaii Reaches $9M Overdraft Fee Settlement

By Kimberly Mirando

 

Bank of HawaiiBank of Hawaii, the state’s second-largest bank, has reached a tentative class action lawsuit settlement that will require it to pay $9 million in refunds to customers who were charged more than one overdraft fee in a single day in the last five years.

The Bank of Hawaii overdraft fee settlement will resolve a class action lawsuit that accuses the bank of systematically re-ordering debit card transactions from highest dollar amount to lowest dollar amount, a practice that allowed the bank to maximize the amount of overdraft fees it charged to customers who overdrew their accounts.

The $9 million overdraft fee settlement will be used to refund Class Members and to pay their legal costs, in exchange for a complete release of all claims made against the company. The tentative settlement is still subject to documentation and court approvals.

The Bank of Hawaii settlement is the latest in a string of class action lawsuit settlements concerning illegal overdraft fees charged by some of the nation’s largest banks. American Savings Bank and Central Pacific Bank, the third- and fourth-largest banks in Hawaii, were also sued this year for allegedly maximizing profits by manipulating debit card customers’ overdraft fees. Those class action lawsuits have not yet been settled. Bank of America, Fifth Third Bank, National City Bank (PNC) and UMB Bank, however, have all reached class action lawsuit settlements this year over their illegal overdraft fee practices.

Details on who qualifies to be a Class Member of the Bank of Hawaii overdraft fee class action settlement have not been released yet.

 
UPDATE: All Class Members will automatically receive reimbursements from the Bank of Hawaii Overdraft Fee Class Action Settlement. More information can be found here or by visiting www.TaulavaOverdraftSettlement.com.

 

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Updated August 1st, 2011

 

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