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Associated Bank Reaches Overdraft Fee Class Action Settlement
By Matt O’Donnell
Associated Bank is the latest bank to reach a class action lawsuit settlement over charges it manipulated customers’ debit card transactions and checking account deposits so it could deplete their accounts and trigger overdraft fees.
According to the Associated Bank overdraft fee class action lawsuit, Associated Bank charged debit card users an overdraft fee of $37, regardless of the amount of the overdraft, and chose not to decline the transaction that would trigger the overdraft or inform customers that they were short of funds. The bank is also accused of failing to adequately disclose to its customers that they could opt out of overdraft protection.
Associated Bank is one of more than 30 banks accused in the multi-jurisdicational class action lawsuit, later consolidated in Florida federal court, of the overdraft fee violations. The case is In Re: Checking Account Overdraft Litigation.
Associated Bank agreed to pay $13 million to settle its part in the bank overdraft fee class action litigation. Several other major banks, including Union Bank
and Bank of America
, have also reached class action settlements.
The Associated Bank overdraft fee class action settlement still needs final court approval before it becomes effective.
The case is In Re: Checking Account Overdraft Litigation, Case No. 09-cv-02036, U.S. District Court, Southern District of Florida.
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