PNC Bank agreed this week to pay $90 million to settle an overdraft fee class action lawsuit that’s part of a multi-district litigation involving more than 30 banks nationwide.
At least 13 other banks — including Bank of America, JPMorgan Chase, Union Bank and Citizens Bank — have reached class action lawsuit settlements in the case, In re: Checking Account Overdraft Litigation, which accuses the banks of reordering debit card and ATM transactions from highest to lowest, rather than in the order the transactions occurred, in order maximize the number of overdraft fees they could charge a customer.
PNC reached a separate class action lawsuit settlement regarding improper overdraft fees last year, in which it agreed to refund customers nearly $12 million in unfair overdraft fees.
A lawyer for the Plaintiffs in the current case says he anticipates the new settlement with PNC to be presented to the Court for preliminary approval later this summer. At least “several hundred thousand” PNC customers throughout the country who were overcharged for debit and ATM overdrafts between 2004 and 2010 will be covered by the PNC class action settlement.
The case is In re Checking Account Overdraft Litigation, Case No. 09-md-02036, U.S. District Court, Southern District of Florida (Miami).
UPDATE: Refunds from the PNC overdraft class action settlement were distributed on April 11, 2014.
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