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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
I am also a Regions customer and I think the way thy put in largest amounts first instead of what came through first is wrong. I would b interested in a class actions lawsuit against Regions Bank.
I am also a Regions customer and I think the way thy put in largest amounts first instead of what came through first is wrong. I would b interested in a class actions lawsuit against Regions Bank.
I am also a Regions customer and I think the way thy put in largest amounts first instead of what came through first is wrong. I would b interested in a class actions lawsuit against Regions Bank.
I am also a Regions customer and I think the way thy put in largest amounts first instead of what came through first is wrong. I would b interested in a class actions lawsuit against Regions Bank.
I am also a Regions customer and I think the way thy put in largest amounts first instead of what came through first is wrong. I would b interested in a class actions lawsuit against Regions Bank.
I am also a Regions customer and I think the way thy put in largest amounts first instead of what came through first is wrong. I would b interested in a class actions lawsuit against Regions Bank.
I am also a Regions customer and I think the way thy put in largest amounts first instead of what came through first is wrong. I would b interested in a class actions lawsuit against Regions Bank.
I am also a Regions customer and I think the way thy put in largest amounts first instead of what came through first is wrong. I would b interested in a class actions lawsuit against Regions Bank.
They still continue to do this practice…in the past two weeks, I was charged over $600!! If they would have only taken for the one that overdrew me it would have only been $37. Of course, they want to continue this…$1000s for the fat cats at the top!!! I was charged for little debit card purchases that should have been taken out FIRST.
I just caught them at it today 7/10/2013.. They just switched my whole bank statement and charge me 5 times bounce fee in stead of 1 fee for what I actually bounced!! How do I get in contact with the lawyers involved in this case? Please help they just took me for 185 instead of 35 for what I bounced..