Associated Bank Overdraft Settlement Refunds Go Out Wednesday

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Associated Bank Overdraft Settlement Refunds Go Out Wednesday

By Sarah Pierce

Some Associated Bank customers will have a little extra money in their bank accounts this Wednesday, thanks to a class action lawsuit settlement approved earlier this summer.

Top Class Actions confirmed with Class Counsel today that payments from the Associated Bank overdraft settlement will be deposited into eligible Class Members’ accounts on October 9. Former account holders who submitted valid claims will receive their credit via a mailed check.

The money is part of a class action lawsuit settlement approved in August by U.S. District Judge James Lawrence King, which resolves allegations the bank manipulated customers’ checking account transactions in order to trigger overdraft fees. Plaintiffs in the class action lawsuit also alleged that 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 the allegations but agreed to compensate customers in order to resolve the litigation

Class Members of the Associated Bank overdraft class action settlement included all current and former customers who had a consumer deposit account between 2000 and 2012, depending upon what state the account was opened in, and who were charged one or more overdraft fees as a result of the bank’s alleged practice of posting debit card transactions from highest to lowest dollar amount.

There was no claims filing process; 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 the payment will depend on a number of factors, including how many overdraft fees were incurred and how many Class Members remained in the settlement.

Congratulations to our Top Class Actions readers who receive a cash award! We’ve been reporting on the Associated Bank overdraft class action settlement since 2011, so we’d love to hear how much money you received in the comments section below.

The case is In Re: Checking Account Overdraft Litigation, Case No. 09-cv-02036, U.S. District Court, Southern District of Florida.

More information on the Associated Bank Overdraft Class Action Settlement can be found at the Settlement Administrator’s website: www.ABOverdraftSettlement.com.

All class action and lawsuit news updates are listed in the Lawsuit News section of Top Class Actions