BOKF Financial Corporation National Association (NA), parent to the subsidiary organizations of the Bank of Oklahoma NA, the Bank of Arkansas NA, the Bank of Albuquerque NA, the Bank of Arizona NA, the Bank of Kansas City NA (which changed its name to Mobank NA as of February 17, 2017), and the Colorado State Bank and Trust NA, just settled a class action lawsuit spurred by inquiry into Bank of Oklahoma overdraft fees and policies.
Plaintiff Corey Ratzlaff filed this Bank of Oklahoma class action lawsuit in District Court in the State of Oklahoma, Tulsa County. At issue were Bank of Oklahoma overdraft fees which often were generated based on a practice of processing transactions based on dollar amount.
BOKF Accused of Reordering Transactions to Its Benefit
According to the accusations of this overdraft fees class action lawsuit, Bank of Oklahoma posted transactions with a higher dollar amount first, then posted lower value transactions.
Ratzlaff alleged this policy was designed to ensure an account holder would, if they were low enough on funds in their checking account, incur overdraft fees – fees that were large enough to greatly increase bank revenue when viewed through an aggregate lens.
The exorbitant Bank of Oklahoma overdraft fees were supposedly generated on debit card, check card and ATM transactions. As of this writing, the published fee is $32.50 for each transaction that takes the account in question into a negative balance.
Also, Bank of Oklahoma currently charges $6.50 per day after five consecutive days of the account being overdrawn by more than five dollars.
Settlement Parameters
The settlement agreement was preliminarily approved by the court in October 2016. BOKF NA denied that Bank of Oklahoma overdraft fees or policies are unethical. They deny any wrongdoing whatsoever. In the interest of avoiding a lengthy and costly trial, however, the corporation has agreed to pay $7.8 million into a settlement fund.
This fund will be available for Class Members who held or still hold accounts within Bank of Oklahoma or one of BOKF’s other subsidiaries from Sept. 1, 2011 to July 8, 2014. Settlement payments will be determined based on calculations specified in lawsuit documentation and evaluation of assessed overdraft fee charges on specified accounts within time frame.
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