Anne Bucher  |  December 7, 2017

Category: Closed Class Actions

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This settlement is closed!

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Independent Bank overdraft fees

Independent Bank has agreed to pay $2.2 million to settle a class action lawsuit challenging its former practice of posting debit card transactions from the highest to lowest dollar amount, which allegedly caused account holders to be faced with excessive overdraft fees.

If you paid overdraft fees to Independent Bank as a result of this sequencing of debit card transactions from July 31, 2007 through March 9, 2017, you may be entitled to compensation from the Independent Bank class action settlement.

According to the overdraft fee class action lawsuit, Independent Bank improperly assessed overdraft fees for insufficient funds on debit card transactions and/or ATM withdrawals by sequencing the transactions in order from the highest to lowest dollar amount, resulting in increased overdraft fees for some customers.

“For years, instead of simply declining debit transactions when there were insufficient funds, or warning its customers that an overdraft fee would be assessed if they proceeded with the transaction, Independent routinely processed such transaction and then charged its customers an overdraft fee of $30 or more – even when the transaction was only for a few dollars,” plaintiff Linda Glaske alleges in the Independent Bank class action lawsuit.

“Independent’s automatic, fee-based overdraft scheme was intentionally designed to maximize overdraft fee revenue for the Bank,” Glaske claims. She says that these overdraft fees often cost account holders hundreds of dollars in a matter of days—or even a matter of hours in some cases.

Independent Bank denies any wrongdoing but agreed to pay $2.2 million to settle the overdraft fee class action lawsuit to avoid the cost and risk of trial.

If you would like to opt out of or object to the Independent Bank overdraft fee class action settlement, you must do so no later than Dec. 11, 2017.

Who’s Eligible

Class Members of the Independent Bank overdraft fee settlement include all Independent Bank customers in the United States who had a non-business account and who, between July 31, 2007 and March 9, 2017, incurred an overdraft fee due to the bank’s practice of sequencing debit card transactions in order from the highest to lowest dollar amount.

Potential Award

Varies, depending on the number of overdraft fees each Class Member incurred.

Current Independent Bank account holders will receive a credit to their account. Former Independent Bank account holders will receive their payment via check.

Proof of Purchase

N/A

FAQs

FREQUENTLY ASKED QUESTIONS »

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Claim Form Deadline

N/A. If you received a notice via mail or email of this Independent Bank overdraft fee settlement, you are a Class Member and will automatically receive a payment unless you opt out by Dec. 11, 2017.

Case Name

Linda R. Glaske v. Independent Bank, Case No. 13-009983-CZ, in the Circuit Court for the County of Wayne, State of Michigan

Final Hearing

1/10/2018

UPDATE: The Independent Bank Overdraft Fee Class Action Settlement was granted final approval on January 11, 2018. Let Top Class Actions know when you receive a check in the comments section below or on our  Facebook page.

Claims Administrator

Independent Bank Overdraft Settlement
P.O. Box 4230
Portland, OR 97208-4230
1-844-843-0201
info@IndependentBankOverdraftSettlement

Class Counsel

David H. Fink
Darryl Bressack
FINK + ASSOCIATES LAW

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

Defense Counsel

Jon M. Bylsma
Brett A. Rendeiro
Conor B. Dugan
VARNUM LLP

Join a FREE Bank & Credit Union Overdraft Fee Class Action Lawsuit Investigation

If your bank and credit union has engaged in deceptive overdraft fee practices, you may have a legal claim. Some banks and credit unions are being investigated by the attorneys who work with Top Class Actions.

LEARN MORE HERE

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9 thoughts onIndependent Bank Overdraft Fee Class Action Settlement

  1. mary says:

    have any one got a check

  2. Beth says:

    Are there any updates yet?

    1. Top Class Actions says:

      The settlement was granted final approval and no appeals were filed. According to the settlement agreement, claims should be paid mid to end of March 2018. You should contact the settlement administrator with any questions about the status of your claim: info@IndependentBankOverdraftSettlement

      1. Beth says:

        Thank you.

      2. Sharon Styles says:

        I tried to send an email pertaining to my claim. The email address provided below, is not a valid email.

        Sharon

        1. Top Class Actions says:

          You can try contacting class counsel. Counsel is listed in the TCA article and on the settlement website and can be Googled for contact information.

    2. Frank Townsend says:

      You TV TV Rd f

      1. J.Mike KIMBLEY says:

        You should have received your settlement by now. What is the holdup? J. M. Kimbley, attorney at law – amicus curiae.

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Please note: Top Class Actions is not a settlement administrator or law firm. Top Class Actions is a legal news source that reports on class action lawsuits, class action settlements, drug injury lawsuits and product liability lawsuits. Top Class Actions does not process claims and we cannot advise you on the status of any class action settlement claim. You must contact the settlement administrator or your attorney for any updates regarding your claim status, claim form or questions about when payments are expected to be mailed out.