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FNB Reaches $3M Overdraft Fee Class Action Settlement
By Matt O’Donnell
UPDATE: A federal judge approved the FNB Overdraft Class Action Lawsuit Settlement. There is no claims filing process; Class Members will automatically receive their share of the class action settlement fund.
First National Bank has reached a $3 million class action lawsuit settlement over allegations it charged improper overdraft fees to checking account customers.
U.S. District Judge Arthur J. Schwab preliminarily approved the FNB class action settlement yesterday and certified a class of all First National Bank customers in the United States who incurred an overdraft fee as a result of the bank’s practice of re-sequencing transactions.
Plaintiffs in the class action lawsuit alleged FNB reordered debit and credit card transactions from highest to lowest dollar amount to increase the likelihood that customers would overdraw their accounts and trigger overdraft fees. This practice violated its customer contract, violated state unfair trade practices laws, and resulted in unjust enrichment, according to the class action lawsuit.
FNB denies the allegations but has agreed to the $3 million class action lawsuit settlement to resolve the litigation.
“If not for the proposed settlement, defendants would continue to fiercely contest this action, which would likely continue for years at substantial cost to both parties,” plaintiffs said in their motion for approval. “Thus, the proposed settlement ensures the class a substantial benefit now, while eliminating further expenses, uncertainty, and delay.”
Judge Schwab agreed, saying the settlement “appropriately accounts for the complexity, risk, expense and likely duration of the litigation in light of their disputes on multiple issues.”
A Final Fairness hearing is set for June 21, 2013. Claim Forms and instructions on how to apply for a refund under the First National Bank overdraft settlement will be released in the coming weeks. [UPDATE: The class action settlement has been approved. Learn more here.]
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The First National Bank Overdraft Fee Class Action Settlement case is Ord et al. v. FNB Corp. et al., Case No. 12-cv-00766, U.S. District Court for the Western District of Pennsylvania.
All class action and lawsuit news updates are listed in the Lawsuit News section of Top Class Actions
25 thoughts onFNB Reaches $3M Overdraft Fee Class Action Settlement
The First National Bank Overdraft Fee Class Action Settlement
The hearing was supposed to be 9:30 am on June 21, 2013.
Did they have the hearing & what was the outcome?
The First National Bank Overdraft Fee Class Action Settlement
Hearing was supposed to be 9:30 am on June 21, 2013.
I have not heard anything about the hearing.
What is the outcome?
I’ve been banking for years with first national bank. they have taken thousands from me,do to there way of banking.I had an overdraft protection and they took full advantage of it.
Im a Regions customer who is going thru the same thing. please im interested in talking to someone
We need to talk because I am fixing to initiate a class action suit against Regions Bank!! You would not believe my most recent experience! I filed a complaint to Regions Bank headquarters a week ago with no response. I am willing to communicate with whoever wants to discuss this matter further.
FNB has screwed people for years by doing this. When they did this they not only took money that wasn’t theirs but also left their customers unable to put food on the table and pay their bills because they charged NSF charges unfairly. If you read their revision since the settlement it’s not going to change! But they now have it in there that you as a customer can not join into a class action suite against them. I myself am looking into other banks and plan to close my. Accounts at FNB I suggest everyone else do the same and take a stand against these banks making money off of us hard working people just trying to get by day by day!! If we don’t take a stand the banks will just keep taking advantage of us!!
I am a FNB customer. Sad thing is, nothing will change. After this, they will continue to screw people. What a shame.
wanda, I am in your same situation with Regions bank, i would like to do a class action suit against them too
Send information and a claim form
I am a Regions Bank customer who is doing the same exact thing to me. What can I do to get a class action suit against Regions?