Anne Bucher  |  March 16, 2017

Category: Closed Class Actions

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This settlement is closed!

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BOKF class action settlement

BOKF NA has agreed to settle a class action lawsuit alleging it improperly posted debit card transactions in order of the highest to the lowest amount as a way to increase the number of overdraft fees it would impose on the account holder.

If you paid overdraft fees to one or more of BOKF’s subsidiary banks between Sept. 1, 2011 and July 8, 2014, you may be entitled to a cash payment from the overdraft fee class action settlement.

BOKF’s subsidiary banks are: Bank of Oklahoma NA, Bank of Arkansas NA, Bank of Albuquerque NA, Bank of Arizona NA, Bank of Kansas City NA (now called Mobank) and/or Colorado State Bank and Trust NA.

The BOKF class action lawsuit accused BOKF of improperly assessing overdraft fees for insufficient funds on ATM withdrawals, debit card transactions and check card purchases by posting the transactions in order from the highest to lowest dollar amount instead of posting them in the order in which the transactions were made.

This practice was allegedly implemented with the purpose of assessing overdraft fees that would not have been assessed if the transactions were posted in chronological order, according to the BOKF class action lawsuit.

BOKF denies that it has done anything wrong, but agreed to settle the overdraft fee class action lawsuit to avoid the cost and risk of trial. The BOKF overdraft fee class action settlement was preliminarily approved in October 2016.

Under the terms of the proposed overdraft fee class action settlement, BOKF will pay $7.8 million into a settlement fund that will be used to make payments to Class Members and pay for other administrative and legal expenses.

Who’s Eligible

Class Members of the overdraft fee settlement include all BOKF account holders in the United States who incurred an overdraft fee because of BOKF’s alleged practice of posting debit card transactions from highest to lowest dollar amount between Sept. 1, 2011 and July 8, 2014.

The BOKF subsidiary banks are:

  • Bank of Oklahoma NA
  • Bank of Arkansas NA
  • Bank of Albuquerque NA
  • Bank of Arizona NA
  • Bank of Kansas City NA (NOTE: the name was changed to Mobank on Feb. 17, 2017)
  • Colorado State Bank and Trust
Potential Award

Varies. Payments will be calculated using a formula specified in the BOKF class action settlement documents. The formula was created to efficiently calculate the additional overdraft fees that were assessed on the account holder due to BOKF’s high-to-low transaction sequencing.

Current BOKF account holders will receive their payment as a credit to their account. Former BOKF account holders will be mailed a check.

Proof of Purchase

N/A

If you received a notice of the BOKF overdraft fee class action settlement by email or mail, you will receive an automatic payment once the settlement is approved by the court (unless you opt out).

Class Members who did not receive notice of the BOKF overdraft fee settlement should contact the Settlement Administrator.

If your address is different than the one BOKF has on file, contact the Settlement Administrator to update your information.

FAQs

FREQUENTLY ASKED QUESTIONS »

Exclusion Deadline

The deadline to opt out of or object to the BOKF class action settlement is April 17, 2017.

Case Name

Corey Ratzlaff, et al. v. BOKF NA d/b/a Bank of Oklahoma, et al., Case No. CJ-2015-00859, in the District Court in and for Tulsa County, State of Oklahoma

Final Hearing

5/15/2017

UPDATE: On May 15th, 2017, the BOKF Overdraft Fees settlement was granted final approval by the court. Let Top Class Actions know when you receive a check in the comments section below or on our  Facebook page.

UPDATE 2: As long as there are not any appeals filed, the BOKF settlement should become Effective on approximately June 16, 2017.  The settlement agreement states that settlement funds shall be distributed within thirty days of the Effective Date.

Settlement Website

http://www.bokfsettlementoverdraft.com/

Claims Administrator

Ratzlaff v. BOKF NA Settlement Administrator
Epiq Systems Inc.
P.O. Box 2995
Portland, OR 97208-2995
1-844-565-4390
info@BOKFSettlementOverdraft.com

Class Counsel

E. Adam Webb
Matthew C. Klase
WEBB KLASE & LEMOND LLC

Defense Counsel

Frederic Dorwart
Sarah Poston
FREDERICK DORWART LAWYERS

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46 thoughts onBOKF Overdraft Fees Class Action Settlement

  1. L Garcia says:

    I’ve banked with them for 18 years and never even received notification there was a suit. Can’t tell you how many times I questioned why a $400 check written on the 10th cleared and for some reason 6 checks under $50 written on the 1st didn’t go through until after the larger check, causing 4 of them to push the account to overdraft. Or why during that same time period a deposit wasn’t posted until after checks were pushed. Crooked as hell

  2. Jameka Spencer says:

    They continue these practices! How do we bring this back to court? This bank is horrible, I am switching this week to avoid more fees that are NOT my fault but yet due to the way they handle processing things! How do we get this stopped!

  3. Jamie Clark says:

    I need to contact someone about this case. BOK is still conducting overdraft the same way. I don’t even have overdraft…I opted out. What they do is wait for a big payment to hit…hold that and push and change the dates of other smaller pending amounts so that they hit after and cause several smaller items to be charged.

  4. Deana says:

    They told me I would receive $5000 and I got $39. What a crock. I’ve paid way more than that in overdraft fees. They kept the money for themselves.

  5. D.dykes says:

    I have paid thousands of dollars every year for at least 8 years and I received the letter that I am a class member and have not got a dime yet and it well past 30 days .today is 8/10/17 I should get a lawyer or what

  6. Brooke says:

    I only have a mortgage through them now. Will they send me a check or apply it to my mortgage?

    1. Top Class Actions says:

      You should contact the settlement administrator at info@BOKFSettlementOverdraft.com with any questions about your claim. Good luck.

      1. Brooke says:

        I did send a response to the settlement administrator. I provided the information they need. I received a form email requesting the information I already gave them. Not sure if I’ll get an answer. I still have not received a check and I’m going to assume I won’t at this point.

  7. Loralee says:

    I don’t have a bank account and have no idea what to do to cash my check. Or get my money.

    1. Top Class Actions says:

      You can contact the settlement administrator with any questions about your check. Most grocery stores and Walmarts cash checks. You may want to Google the town you live in plus the words “check cashing”. That type of search should bring up local places in your area that can cash checks.

      1. Janet says:

        Yes, most stores do cash checks but my check says it cant be cashed that way. I also dont have bank now. Drove 200 miles to a Citizens bank n.a. and found out only Citizens bank that can cash it is in Oregon. Now what the heck do I do with check

        1. Top Class Actions says:

          You should contact the settlement administrator at info@BOKFSettlementOverdraft.com with any questions about the check. Good luck.

        2. Katrina Cali says:

          Mine says the same

  8. Jessie Martin says:

    I received a $42.75 overdraft settlement payment on 7/20/17. What a joke I’ve been with this bank every since they opened in Tulsa. I have had too many overdraft fees to count. Complaining did no go. I thought finally something good was going to come from the years of fees. Once again big business wins.

  9. CHERYL EDWARDS says:

    This is bogus. I just received this so call settlement check in the amount of $5.34. That doesn’t even cover an overdraft fee. Bank of Oklahoma are you serious?? The letter that I received stated and indicated that every recipient was to get $5,000 each. Maybe we need to file a class action lawsuit. Who received the money? The lawyers?.. wow Bank of Oklahoma thanks for the Happy Meal

    1. Reagan Wright says:

      So the 5k payment is bogus

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