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Associated Bank Overdraft Class Action Settlement Approved
By Mike Holter
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UPDATE 10/7/13: Class Counsel has confirmed with Top Class Actions that eligible Class Members will receive their account credits on October 9, 2013. Former account holders will receive their credit via a mailed check. Find out more.
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A federal judge on Friday granted final approval to a $13 million class action lawsuit settlement between Associated Bank and customers who were charged improper overdraft fees.
On August 2, U.S. District Judge James Lawrence King approved the class action settlement as fair and reasonable, drawing an end to a 2010 class action lawsuit accusing Associated Bank of manipulating customers’ checking account transactions in order to trigger overdraft fees. In addition, plaintiffs alleged Associated Bank chose not to decline transactions that would incur an overdraft fee and failed to adequately disclose to customers that they could opt out of overdraft protection.
Associated Bank denies any wrongdoing but agreed to a class action lawsuit settlement in 2011.
Class Members of the Associated Bank overdraft settlement include all customers who had a consumer deposit account with the bank that was:
- Opened anywhere other than in Illinois and accessible with an Associated Debit Card between January 1, 2004 through July 26, 2012; or
- Opened in Illinois and accessible with an Associated Debit Card between April 2, 2000 and July 26, 2012; and
- Was charged one or more overdraft fees as a result of the bank’s practice of posting debit card transactions from highest to lowest dollar amount.
There is no claim filing process for the Associated Bank overdraft class action settlement; Class Members will automatically receive a cash award credited to their account (if they’re a current customer) or mailed to them as long as they did not opt out. The amount of your payment cannot be determined at this time, but will be based on a number of factors, including how many overdraft fees you incurred and how many Class Members remained in the settlement.
Payments or account credits will be issued after any appeals that may be filed are resolved.
More information on your rights in the Associated Bank Overdraft Class Action Lawsuit Settlement can be found at www.ABOverdraftSettlement.com.
The case is In Re: Checking Account Overdraft Litigation, Case No. 09-cv-02036, U.S. District Court, Southern District of Florida.
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26 thoughts onAssociated Bank Overdraft Class Action Settlement Approved
What a joke. The only ones making out, as usual, are the lawyers. We are only getting pennies on the dollar. Once again, the consumer gets screwed.
What joke only $7 back they should it keep them.
15k in OD fees in 5 years and $77 bucks back. What a slap in the face.
75.00, and they cheated me out of at least 2 thousand…..go figure. They are still playing with numbers.
they were awarded 13mill…the 4 ppl that brought the suit ended up w/5,000 if it was a single acct holder (2,500.00 each if you had a joint acct)…the suit only effected banks in WI and some in Illinois….the lawyers got paid separately…I was expecting my payment plus interest…dreaming was nice of a big payout was nice……!! ..my mail doesn’t come till afternoon…Hey Good thing the post office is exempt from the gov shutdown…!!! LMBO…anxious to hear your thoughts and hearing more of who got what..
Nothing yet for me…but I hope that I get better then what is being reported…I was overdrafted for 20.00 and because of their policy of after 7.00 insifficant funds I got the original 35.00 fee plus 7.00 a day w/NO NOtice…by the time I noticed it I was already 172.00 over drawn just on fees….I called the bank and explained to them that i am on a fixed income my money comes in on the first of the month and goes out that same day..I had left 40.00 in for just in case….said I had no money to bring my acct current till the beginning of the month…they didn’t care their was nothing they could do…by the time it was all said and done the following month they took off the top of my pension/SSI payment 500.00 for all the over draft fees.I Never got one over draft notice in the mail even after I talked to the lady…I only get 800.00 a month …thank goodness I saved my bank statement from the period…they owe me BIG time……!!!
I received my payment today. There were two payments totaling around $15. That’s it!
I got my check, $53.48. I had about forty overdrafts. I called them several times because of their creative accounting. They refunded back one overdraft on a couple of occasions because I complained they were putting the debits from the larger amounts to the smaller in order to debit as much as they could. They denied this but I informed them I knew it was true because my wife worked in IT and knew the program existed. Must be about 5 cents on the dollar refunded.
Tosha, thanks for the information about U.S. Bank you can be added to the list. I just did it. just google U.S. Bank class lawsuit and they will ask for your name, email and state. Good luck!
I guess that they are not following the same procedure as Bank of America. They sent them one week notice of how much money they were getting. Hey everybody check on October 17th for default. Buy lots of groceries. The dollar won’t be worth anything just a piece of paper!