Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.
This settlement is closed!
Please see what other class action settlements you might qualify to claim cash from in our Open Settlements directory!
BancorpSouth has entered into a settlement with a Class of consumers who accused the financial institution of improperly reordering debit card and ATM transactions, causing consumers to incur additional overdraft fees.
Plaintiff Shane Swift originally filed the class action lawsuit in May 2010, saying BancorpSouth wrongly reordered his debit card and ATM transactions in order to increase the number of overdrafts on the account, thereby collecting additional fees for its service.
Bank overdraft fees are assessed on an account when a consumer makes a point of sale purchase with a debit card or withdraws money from an ATM and there is not enough cash in the account to cover the transaction. Sometimes, automatic bill pay or transfers may also trigger an overdraft fee.
Essentially, the overdraft fee is for a very short term loan that the bank gives you to cover the transaction. You are responsible to pay the amount to bring your account out of the negative, along with a fee for the bank’s service of covering your charge.
When banks reorder transactions to process them from highest to lowest dollar amount instead of processing them in the order they were made, it can cause more fees to be assessed.
BancorpSouth maintains that it engaged in no wrongdoing in its transaction posting process and says it complied with laws, regulations and consumer terms listed in customer account agreements.
The Court has not made a decision in favor of the plaintiff or the defendant. Both parties agreed to the settlement to avoid the costs and uncertainties of going to trial.
BancorpSouth has agreed to pay a total of $24 million in the settlement. The settlement includes payments to Class Members, attorneys’ fees and costs and any service award that Swift may receive as Class Representative.
Individual Class Members will be paid by check or by a credit to their account on a pro rata basis that will vary based on the number of eligible Class Members who are in the Settlement Class.
Who’s Eligible
“You are included in the Settlement Class if you were a BancorpSouth Bank customer in the states of Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee, and Texas who had one or more consumer (non-business) Accounts and incurred an Overdraft Fee(s) during the applicable Class Periods set forth below as a result of BancorpSouth Bank’s practice of sequencing Debit Card and ATM transactions from highest to lowest dollar amount.
The Class Periods are as follows:
- Alabama—May 18, 2004 to August 13, 2010
- Arkansas—May 18, 2005 to August 13, 2010
- Florida—May 18, 2006 to August 13, 2010
- Louisiana—May 18, 2003 to August 13, 2010
- Mississippi—May 18, 2007 to August 13, 2010
- Missouri—May 18, 2007 to August 13, 2010
- Tennessee—May 18, 2004 to August 13, 2010
- Texas—May 18, 2006 to August 13, 2010
In order to have incurred an Overdraft Fee as a result of BancorpSouth’s practice of posting Debit Card Transactions from highest to lowest dollar amount, you must have had two or more Overdraft Fees assessed on one or more days during the time periods listed above.”
Potential Award
Varies.
Proof of Purchase
N/A.
Eligible Class Members were notified by mail/email in May 2013 or recently received a postcard in the mail.
If you did not receive a postcard or mail/email but believe you are eligible to participate, you may contact the Settlement Administrator at info@bancorpsouthoverdraftlitigation.com or 1-800-420-2916.
Frequently Asked Questions
Exclusion Deadline
06/02/2016
Case Name
Swift, et al. v. BancorpSouth Bank, Case No. 1:10-cv-00090-MP-GRJ, in the U.S. District Court for the Northern District of Florida
Final Hearing
07/14/2016
UPDATE: On July 15, 2016, the court granted the BancorpSouth Overdraft settlement final approval. Let us know when you receive a check in the comments section below or on our Facebook page.
Settlement Website
Claims Administrator
BancorpSouth Overdraft Settlement
P.O. Box 3719
Portland, OR 97208-3719
info@bancorpsouthoverdraftlitigation.com
1-800-420-2916
Class Counsel
Bruce S. Rogow, Esq.
BRUCE S. ROGOW, P.A.
Robert C. Gilbert, Esq.
GROSSMAN ROTH, P.A.
Jeffrey M. Ostrow
KOPELOWITZ OSTROW FERGUSON WEISELBERG GILBERT
Defense Counsel
Eric Jon Taylor, Esq.
HUNTON & WILLIAMS LLP
ATTORNEY ADVERTISING
Top Class Actions is a Proud Member of the American Bar Association
LEGAL INFORMATION IS NOT LEGAL ADVICE
Top Class Actions Legal Statement
©2008 – 2024 Top Class Actions® LLC
Various Trademarks held by their respective owners
This website is not intended for viewing or usage by European Union citizens.
53 thoughts onBancorpSouth Overdraft Fee Class Action Settlement
Yes I’ve called a few times. She said all they could do was expedite it. Whatever that means. She is going to talk to the supervisor and find out why it hasn’t been and the amount and call me back. That was yesterday. I’ve seen a few people comment saying they found out the amount and stuff so I don’t know why they can’t just answer a question. They just keep reading a script that’s exactly from the website. Is that what they did with you?
have you called the bank to see if any deposits are pending? perhaps a manager can investigate from their end.
as of 10/25, nothing in the mail for me yet.
The mail just ran again today, Tuesday 10/25/2016 at 1:15 P.M. Still no check. I called yesterday and they assured me the check was mailed on Friday. They said If I don’t already have it then be expecting it any time. I guess anytime means sometime before I die. lol !
I just wonder why the hold up on the credits. We have an account and still haven’t seen it. I’m starting to wonder if it’s legit!! I’m sure it is but how long does a credit take?! Lol
Have you called? They can tell you if the money has been deposited or not and they can tell you an exact amount. 1-800-420-2916
Has anyone seen any money yet??
The mail just ran today Monday 10/24/2016. Nothing for me today. Maybe tomorrow.
Has anyone’s account been credited?
I just called at 11:06 A.M. Central time on 10/21/2016. They said credits were issued to current account holders at midnight on 10/21/2016. Checks are being mailed out also today 10/21/2016 to all former account holders who are involved in the class settlement action. They do have the check amounts available however, when I called the system was being updated. They asked me to call back later in the day to get the info on the check amount.
I just called back and got my check amount. It was for $1.00 less than the amount estimated. Not bad !
Do you know when we should see the credits in our accounts? It isn’t there yet…
No idea, my account has been closed for years so I expect a check. I would think it would take a moment to make sure funds are going into the right accounts. Call Monday.
Just called. Check amount matched estimate minus $3.
Has anyone seen a check yet!
called yesterday and they are still giving the same line about the appeal period and checks being mailed sometime in october. they will not provide a date. try to call tomorrowl
I called at 4:41 P.M. cental time on 10/20/2016 They are still saying that the appeals process ended om 8/15/2016 and that the checks will be mailed within 60 days of that date. Then they say sometime in October of 2016 is the best they can do as far as providing a date. The guy said according to that statement that they are provided with, he would think that they are in the process of processing the checks now and that they should be mailed out soon. However no specific date was provided.
Update (10/21/16): Credit issuance to Settlement Class Members who have current BancorpSouth accounts and check issuance for Settlement Class Members who no longer have a current BancorpSouth account commenced on October 21, 2016.
curious to see if the checks match the estimate amount given on the site. will call later today and see if they will tell me how much mine went out for and where they are mailed from.
Time is up. When will checks go out? They haven’t updated site.
I called the 1 800 number and they told me that it would be October before any checks would be mailed out. I thought that it was supposed to be mailed no more than 60 days after the final approval. That would be around Sept. 15. The person I talked to said it was in appeals mode and if no appeals were filed then check would be mailed in October. Why the different stories?
The settlement agreement states that payments will be made within 60 days of the effective date. The effective date of the settlement is approximately August 15, 2016. There is always a 30 day appeal window after final approval before the settlement is considered effective by the court. So, October for check distribution is correct. Please keep checking Top Class Actions for updates. We will let our viewers know as soon as we learn that checks are in the mail!
I called and got the same answer. 60 regular days from 8/15 is 10/15. Hopefully they will go out by then and equal to or more than the estimated amount shown on the website.
UPDATE: On July 15, 2016, the court granted the BancorpSouth Overdraft settlement final approval. Let us know when you receive a check in the comments section below or on our Facebook page.
Final hearing done and approved. Now when can we expect payments. Current members will get theirs first by acct credit.
I called the 1 800 number and they told me that it would be October before any checks would be mailed out. I thought that it was supposed to be mailed no more than 60 days after the final approval. That would be around Sept. 15. The person I talked to said it was in appeals mode and if no appeals were filed then check would be mailed in October. Why the different stories?
get a date yet from anyone?