Indiana Old National Bank Overdraft Fees Class Action Settlement

A settlement has been reached with Old National Bank to resolve allegations that ONB improperly assessed and collected overdraft fees by posting debit card transactions out of order.

According to allegations in the class action lawsuit, when customers were making debit card purchases, the bank reordered the fees to process them from highest dollar amount to lowest dollar amount, rather than processing the transactions chronologically, and this led to an increase in the number of fees that customers were charged.

Overdraft fees are charged by banks when a checking account has insufficient funds to pay for the transaction, in this case, transactions related to debit card purchases.

In other instances, ATM withdrawals, balance transfers, bill pay and other transactions may also be included as transactions that will cause a bank to assess an overdraft fee.

Old National Bank has not admitted any wrongdoing and continues to say its actions were permitted by law. The bank claims it pays high dollar amount items first for things such as mortgage payments that might otherwise be returned without payment, and there was nothing wrong about the process it used to order transactions.

The Court has not ruled in favor of either party. Both sides agreed to the settlement, believing it is in the best interest of both parties.

The settlement has allowed both sides to avoid the risks, costs and time associated with a trial.

The Old National Bank settlement is in the amount of $4.75 million and will pay attorneys’ fees and costs, service awards to three Class Representatives and settlement administration costs. Once these payments have been made, the remainder will be distributed among eligible Class Members.

The amount of the individual award will vary and is based on the number of eligible claims. Leftover funds will be distributed to a nonprofit organization.

Current Old National Bank customers will receive their share of the settlement by receiving a credit on their account, and this will be done automatically, with no Claim Form needed. Former bank customers will receive a check after submitting an eligible Claim Form.

Who’s Eligible

You are a Class Member if you:

• Live in Indiana;
• Had an ONB consumer deposit account that you could access with a ONB debit card anytime between Nov. 9, 2008, and Aug. 15, 2010 (the “Class Period”); and
• Were charged two or more overdraft fees for debit card transactions posted to your account on a single day during the Class Period listed above, at least one of which was caused by ONB’s practice of posting debit card transactions from highest to lowest dollar amount.

Potential Award

Varies.

Current customers will be paid via an account credit, while former customers will receive a check.

Proof of Purchase

N/A

Current customers who are eligible Class Members will automatically receive a payment made to their account.

Class Members who were former Old National customers must submit a valid Claim Form in order to receive a settlement check.

Claim Form

CLICK HERE TO FILE A CLAIM »

Claim Form Deadline

08/30/2016

Case Name

Steven Kelly, et al. v. Old National Bank, Case No. 82C01-1012-CT-627, in the State of Indiana, Vanderburgh Circuit Court.

Final Hearing

06/13/2016

Settlement Website

www.OldNationalOverdraftFees.com

Claims Administrator

Old National Bank Settlement

c/o KCC Class Action Services

P.O. Box 40007

College Station, TX 77842-4007

1-844-851-4595

info@OldNationalOverdraftFees.com

Class Counsel

William M. Sweetnam
SWEETNAM LLC

Scott A. Danks
DANKS & DANKS

William N. Riley
Joseph N. Williams
RILEY WILLIAMS & PIATT, LLC

Austin Tighe
NIX, PATTERSON & ROACH, LLP

Jeffrey M. Ostrow
Jonathan M. Streisfeld
KOPELOWITZ OSTROW P.A.

Defense Counsel

Mark J. R. Merkle
Marc T. Quigley
Kay Dee Baird
KREIG DeVAULT LLP

Patrick A. Shoulders
ZIEMER, STAYMAN, WEITZEL & SHOULDERS

Join A Free Bank & Credit Union Overdraft Fee Class Action Lawsuit Investigation

If you are a bank or credit union customer who was charged overdraft fees that you believe may be improper, you may be eligible for legal compensation . Find out more at the Bank and Credit Union Overdraft Fees Class Action Lawsuit Investigation.