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A $2.75 million settlement has been reached in a class action lawsuit accusing Bank of the Ozarks Inc. of assessing and collecting improper and excessive overdraft fees.
Arkansas residents who paid overdraft fees to Bank of the Ozarks, may be entitled to a cash payment from the overdraft fee class action settlement.
The Bank of the Ozarks class action lawsuit was initially filed by plaintiffs Robert Walker, Anne B. Hines and Judith Belk in February 2012.
“Instead of simply declining debit transactions when there are insufficient funds, or warning its customers that an overdraft fee will be assessed if they proceed with the transaction, Bank of the Ozarks routinely processes such transactions and then charges its customers an overdraft fee of $31 for each charge in a day—even when the transaction is for only a few dollars,” the plaintiffs allege in the Bank of the Ozarks class action lawsuit.
According to the overdraft fee class action lawsuit, Bank of the Ozarks resequenced customers’ debit card transactions in the order of the largest to smallest to increase the amount of overdraft fees it could charge. Bank of the Ozarks account holders could be charged hundreds of dollars within a matter of hours, even if their account was only overdrawn by a few dollars, the plaintiffs say.
The plaintiffs also claim Bank of the Ozarks failed to inform its customers that they could opt out of overdraft protection.
Bank of the Ozarks denies any liability to the plaintiffs and Class Members but agreed to settle the overdraft fee class action lawsuit to avoid the burden and expense of ongoing litigation. The bank has already discontinued its practice of resequencing debit card transactions, according to the overdraft fee settlement documents.
The Bank of the Ozarks class action settlement was preliminarily approved on Aug. 10, 2017.
Who’s Eligible
Class Members of the Bank of the Ozarks settlement include Bank of the Ozarks customers who are residents of Arkansas and who were charged overdraft fees on their account between Dec. 4, 2006 and June 30, 2011 as a result of the bank’s practice of resequencing debit card transactions from the highest to lowest dollar amount.
Potential Award
Not less than $100 (estimated) per account that was assessed one or more overdraft fees due to Bank of the Ozarks’s practice of resequencing transaction from the highest to lowest dollar amount.
Proof of Purchase
N/A
Claim Form
Claim Form Deadline
11/29/2017
Case Name
Robert Walker, et al. v. Bank of the Ozarks Inc., et al., Case No. 43CV-11-777, in the Circuit Court of Lonoke County, Arkansas
Final Hearing
11/13/2017
Settlement Website
www.OzarksOverdraftSettlement.com
Claims Administrator
Bank of the Ozarks Settlement
Epiq Systems Inc.
P.O. Box 4218
Portland, OR 97208-4218
1-800-690-7357
Class Counsel
Allen Carney
CARNEY BATES & PULLIAM PLLC
Defense Counsel
Richard T. Donovan
ROSE LAW FIRM
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11 thoughts onArkansas Bank of the Ozarks Overdraft Fee Class Action Settlement
no i haven’t heard anything else
Top class any updates on this when checks will be sent out
It is not known how quickly claims will be paid. You can try contacting the settlement administrator with your questions: https://www.ozarksoverdraftsettlement.com/Home/ContactUs.
i called today and they said checks were supposed to be mailed out on march 9th but they are behind so it will probably be april sometime. said if i don’t receive a check by the end of april to call back
she said tat she heard rumors that it would be around $1,000. but do not quote her on that. said it didn’t say for sure. so i guess we will just have to wait and see when it comes. there is a different number for claims counsel that was in documents that you can call and maybe see what she says. but that is all she told me
Top class do u have any updates on this. Final hearing has pasted.
Any updates on this?
Any info on this yet
Bank of the Ozarks does this in Georgia, too.
I wish someone would sue community banks of Colorado for the same they charge 35.00
Wish someone would sue Centennial Bank for this same thing. This is theft and they are allowed to get away with it. It should be illegal for ALL banks to reorder transactions. Centennial bank reordered my transactions one time putting the largest transaction first resultong in a $30 fee for each transaction. I purposely made them in a certain order, so i would only end up with one fee. Its not their job yo manage my money for me, when i called they acted like they were doing me a favor and said they do it for my benefit to make sure my largest transaction clears. they charged me over $300. I’m a single mother and dobt get any help. The banks, the government and all these other scammers need to the their greedy little hands out of the pot and stop stealing from the poor.