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Associated Bank Reaches Overdraft Fee Class Action Settlement
By Matt O’Donnell
UPDATE 2: Payments in the Associated Bank overdraft settlement will go out October 9, 2013.
UPDATE 1: A federal judge approved the Associated Bank overdraft class action lawsuit settlement on August 2, 2013.
Associated Bank is the latest bank to reach a class action lawsuit settlement over charges it manipulated customers’ debit card transactions and checking account deposits so it could deplete their accounts and trigger overdraft fees.
According to the Associated Bank overdraft fee class action lawsuit, Associated Bank charged debit card users an overdraft fee of $37, regardless of the amount of the overdraft, and chose not to decline the transaction that would trigger the overdraft or inform customers that they were short of funds. The bank is also accused of failing to adequately disclose to its customers that they could opt out of overdraft protection.
Associated Bank is one of more than 30 banks accused in the multi-jurisdicational class action lawsuit, later consolidated in Florida federal court, of the overdraft fee violations. The case is In Re: Checking Account Overdraft Litigation.
Associated Bank agreed to pay $13 million to settle its part in the bank overdraft fee class action litigation. Several other major banks, including Union Bank and Bank of America, have also reached class action settlements.
The Associated Bank overdraft fee class action settlement still needs final court approval before it becomes effective.
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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66 thoughts onAssociated Bank Reaches Overdraft Fee Class Action Settlement
Has anyone gotten their money yet???
If you were included in the lawsuit you would have gotten a notice in the mail. I got the notice but no money as yet.
Nothing in my account either. This was under their faqs on the settlement website: “Only a small percentage of all Overdraft Fees that were charged by Associated were affected by high to low posting. So, not every Overdraft Fee that was charged is eligible for payment under this Settlement.” Reading that makes me wonder now if we will even get anything. Unless I am misunderstanding it?
No money yet – any news on when?
It’s October 4th. Haven’t received anything in my account yet! Anybody receive any money?
Ok, where is our money?
I read that in the Bank of America class action lawsuit that the customers got a 1 week notice of how much money they were getting
Is there a listing of those who will be receiving a check?
October 4th is the anticipated date.
When do we the people get are settlement money.how do we know?