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This settlement is closed!
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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
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53 thoughts onBancorpSouth Overdraft Fee Class Action Settlement
I’m expecting a credit and still haven’t gotten it. They still keep giving me the run around.
Has anyone else got a check yet?
No and I need it today badly. My mail doesn’t run until after 3.
The mail just ran again today 10/27/2016 at 1:06 P.M. Still no check for me. They told me yesterday that it was mailed out on Monday. Maybe tomorrow for me.
They actually told me the amount when I called today. So I’m hoping that just means they are in the process of working on ours.
They finally said yes we should get a credit but it should have been done on the 21st. So they are investigating why it wasn’t done. Should have an answer by friday.
I just called at 1:52 P.M. Central Time 10/26/2016. This time they said my check was mailed out on the 24th. They said that before today they didn’t have specific info as to the exact day each individuals check is being mailed. They said that checks are being sent out in batches everyday until they are all mailed out. So for me now I’m looking at tomorrow or the next day.
Thomas Hawkins did your come today
In MS as well. If it’s by name then I would be up there, last initial ‘c’. Hoping I find a check when I get home.
Relief did you ever receive yours?
I’m in Mississippi and the mail just ran here. Still nothing for me. I’m starting to wonder if the checks were mailed out in batches by name or something? Everyday I call after the mail runs and they tell me a check was issued for me on Friday and that it should be on my box any time. I hope the Mailman didn’t put it in the wrong box. I’ve received mail in my box before that belonged to the neighbors or was the same house number but for a street or two over.
I’m in tennessee and I received my check in the mail yesterday.
We just called again. They will not tell us an amount or deposit date.
if you have the id number from the notice, you can see the check amount on the website. if you don’t have it, send an email and request it. they may take a day or two to answer however. think the best bet right now is to wait out the week.
My check amount was $1.00 less than the amount shown on the site. That’s strange anonymous. Everytime I call they tell me they have to pull up my account and then they tell me it looks like a check was issued to you on Friday Oct. 21,2016 and that it should be in my box any day. They also were able to give the amount of the check that was issued. The hasn’t run here today 10/26/2016. I’m hoping my check will come today.