Citizens Bank Annual Fee Class Action Settlement

An almost $3.8 million settlement will benefit certain customers of Citizens Bank who were charged annual fees, allegedly in error.

Plaintiffs Jasmeet and Scott Hayes filed this class action in April 2016. They allege Citizens Bank incorrectly charged annual fees to customers who held line of credit and home equity line of credit accounts. Holders of Charter One Bank accounts were also allegedly affected by these purportedly erroneous annual fees.

Citizens Bank continues to argue that the plaintiffs’ claims have no merit. The settlement does not require Citizens Bank to admit any liability, and the court has made no determination on the plaintiffs’ claims.

The court granted preliminary approval of this Citizens Bank class action settlement in October 2017. The settlement requires Citizens Bank to put up a settlement fund worth $3,771,000. This fund will be used to pay a $3,500 service award to the Class representatives, as well as class counsel’s attorney fees, costs and expenses.

Class Members do not need to file a claim to get benefits. Current and former account holders who have balances owed to Citizens Bank will receive credits to those accounts for the amount of their refund. If the refund is larger than the account balance owed, the settlement administrator will send the Class Member a check for the difference.

Class Members who have no balance owed on their account will be sent a check for the amount of their refund.

Class Members may want to update their contact information with the settlement administrator to ensure they receive their benefits.

To object to the settlement or be excluded from it, Class Members must submit a written request by Jan. 15, 2018.

Who’s Eligible

Class Members includes persons who have held, individually or jointly, any one of more than 41,064 Citizens Bank or Charter One Bank Line of Credit accounts and Home Equity Line of Credit accounts identified by Citizens as having been charged a full or partial annual account fee, possibly in error, on or before Dec. 31, 2016.

Potential Award

TBD

The amounts of individual payments and account credits will depend in part on the expenses deducted from the settlement fund and the number of Class Members who exclude themselves from the settlement.

Proof of Purchase

No proof of purchase or other documentation is necessary.

FAQs

FREQUENTLY ASKED QUESTIONS »

Claim Form Deadline

There is no claim deadline. Payments and account credits will be distributed automatically unless Class Members opt out by Jan. 15, 2018. Class Members may want to update their contact information with the settlement administrator to ensure they receive benefits.

Case Name

Hayes, et al. v. Citizens Financial Group, Inc., et al., Case No. 1:16-cv-10671-RGS, in the U.S. District Court for the District of Massachusetts

Final Hearing

2/22/2018

Settlement Website

www.CitizensBankAnnualFeeClassActionSettlement.com

Claims Administrator

Hayes v. CFG
c/o Garden City Group
PO Box 10476
Dublin, OH 43017-4076
(844) 402-8591
questions@CitizensBankAnnualFeeClassActionSettlement.com

Class Counsel

Fredric L. Ellis
ELLIS & RAPACKI

Defense Counsel

Daniel M. Rabinovitz
GREENBERG TRAURIG LLP