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Award (how much your claim may be worth):Â You can receive a cash refund from the Citizens Bank overdraft fee class action settlement.
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Class Action Lawsuit Settlement Case(s):Â In Re: Checking Account Overdraft Litigation, Case No. 09-md-02036-JLK, U.S. District Court, Southern District of Florida.
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Company(ies):CITIZEN FINANCIAL GROUP, INC.; RBS CITIZENS, N.A.Â
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Address to submit a claim form (REQUIRED):
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Phone Number to call for assistance:Â (888) 273-0426
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Details: The Citizens Bank overdraft settlement will resolve a class action lawsuit, titled In Re: Checking Account Overdraft Litigation, that alleges the bank reordered debit-card transactions from highest to lowest, rather than in order to maximize the number of overdraft fees that could be charged to a customer. The plaintiffs allege that, instead of declining transactions when an account had insufficient funds to cover a purchase, Citizens authorized the transactions and then processed them in highest to lowest dollar order, which had the effect of increasing the number of overdraft fees the bank charged its customers.
Citizens Bank denies the allegations but has agreed to a $137.5 million class action lawsuit settlement to resolve the litigation.
Class Members of the Citizens Bank overdraft class action settlement include anyone who:
• Had a Citizens consumer deposit account that you could access with a Citizens debit card anytime between January 1, 2002 and August 13, 2010, and/or had a Charter One consumer deposit account that you could access with a Charter One debit card any time between July 25, 2005 and August 13, 2010; and/or
• Had an Acquired Bank consumer deposit account that you could access with a debit card between January 1, 2002 and August 27, 2007; and
• Were charged one or more overdraft fees as a result of posting Debit Card Transactions from highest to lowest dollar amount.
Some Class Members do not have to file a Claim Form to receive a payment. They will automatically receive their refund. However, a number of Class Members will have to file a Claim Form by the deadline of May 6, 2013 to receive any money from the Citizens Bank overdraft class action settlement. See Page 5 of the Settlement Notice for more details.
The amount of money you can receive from the Citizens Bank overdraft fee settlement will depend on the number of overdraft fees charged to your Citizens, Charter One or Acquired Bank consumer deposit account as a result of the improper debit card transaction reordering between January 1, 2002 and August 13, 2010.
A Final Fairness Hearing is scheduled for March 7, 2013.
Claim Forms and more information on your rights in the Citizens Bank Overdraft Fee Class Action Lawsuit Settlement can be found at www.CitizensOverdraftSettlement.com.
Purchased or Leased From:Â Â
Citizens consumer deposit account: January 1, 2002 to August 13, 2010
Charter One consumer deposit account: July 25, 2005 to August 13, 2010
Acquired Bank consumer deposit account: January 1, 2002 to August 27, 2007
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Claims must be postmarked by: 5/6/13
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Settlement Administrator(s): Eqiq Systems, Inc.
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Class Counsel:
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Bruce S. Rogow, Esq.
BRUCE S. ROGOW, P.A.
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Aaron S. Podhurst, Esq.
PODHURST ORSECK, P.A.
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Robert C. Gilbert, Esq.
GROSSMAN ROTH, P.A.
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Ted E. Trief, Esq.
TRIEF & OLK
Defense Counsel:
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77 thoughts onCitizens Bank Overdraft Fee Class Action Lawsuit Settlement
Has anyone heard anything on when the payouts will begin?
What kills me is that this suit is only up to the date of 2010….from what I can see they have not changed their practices! I think they are deliberately ripping people off and we have to just bend over and take it! I had an instance this morning where they charged me 4 overdrafts…$148 and only one transaction was actually an overdraft the other 3 were not but they list it so that they can charge for 4. REALLY NOT COOL with me. I have opened up a new account somewhere else and I will be pulling all of our accounts out of Citizens Bank. I am going local no more big banks for me.
It seems hopeless!! I am so disgusted and was wondering who to sue for our frustrations and embarrassment!
I hope to God that Bob T’s math is way off!! If, after all the money Citizens stole from me, I only receive 48 bucks out of this suit, I’m going to be furious!! Hundreds of dollars over the years. Probably a thousand dollars. I better get close to all of it back. If not all of it.
I thought that this would be a nice refund from these common thieves but the more I read It seems that the Law Firm is the only one that is getting anything worth while out of this . I can honestly say that over that time frame I have lost 3-5 thousand and something tells me I will be lucky if I got $100 back .
So still not one bit of news?
I have a question: How does anyone rack up over $1000 in overdraft fees? Isn’t that statistically impossible?
Bob T , Wow that would be a slap in the face I have lost around $4000 in fee’s over that time frame . But the math makes sense if there are that many involved with the law suit .Its amazing that they pet some womans name in the paper for $195 in food stamp fraud yet these wall street people and Bankers just open there Golden parachutes and laugh .
Hate to say it but it looks like we won’t get all that was stolen when the payout does go through. My reading of the settlement tells me that the payout to each account holder is prorated to a percentage of the total that was taken by the bank. That’s because the $137.5 million settlement is far less than what was actually stolen by Citizens.
And the math looks bad too: $137.5 million – 30% for the lawyers = $96.25 million left to distribute. Divide that by the 2 million acount holders estimated to be effected = $48.13 per account. That’s about one overdraft fee per account holder.
If you had more than the average number of overdrafts you’ll get more than $48 and if you had less than the average you get less than $48. Overall I don’t see how anyone gets close to what was stolen. The only people making out in this are the lawyers.
Citizens must have made many hundreds of millions on this scheme. Going in they probably figured what the potential lawsuit payout would be and saw that it was a money maker even if they got caught.
The whole thing makes me feel powerless and sick to my stomach. I can only hope that there is a special room in hell for these guys.
I had over $2000 in 1 year. When I asked, I was told they take all debits before credits, even though there was cash available for atm, all of a sudden I was in minus. I believe S&T does same thing.