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Payments from Citizens Bank Overdraft Settlement Expected Fall 2013
By Kimberly Mirando
UPDATE: Payments from the Citizens Bank overdraft class action settlement were either mailed or deposited into eligible Class Members’ accounts starting September 19.
Consumers who submitted valid claims for the $137.5 million Citizens Bank overdraft class action settlement can expect to see payments in September, according to an update on the Settlement Administrator website.
The credits are part of a class action lawsuit settlement resolving allegations that Citizens Bank reordered debit card transactions from highest to lowest dollar amount in order to rack up overdraft charges.
In March, the U.S. District Court for the Southern District of Florida extended the claims filing deadline for the class action settlement to May 6, 2013.
Distribution of settlement awards is scheduled for September 2013, but this is subject to change. Keep checking Top Class Actions for updates or visit the Settlement Administrator’s website at www.CitizensOverdraftSettlement.com. [See update here.]
The case is In re: Checking Account Overdraft Litigation, Case No. 1:09-md-02036-JLK, in the U.S. District Court for the Southern District of Florida.
All class action and lawsuit news updates are listed in the Lawsuit News section of Top Class Actions
70 thoughts onPayments from Citizens Bank Overdraft Settlement Expected Fall 2013
I got $12 and change…. I KNOW I was hit with MASSIVE fees during my time with them. It was my college years (at least 10 years ago) and I remember calling home in tears on MANY occasions because of their fees being thrown at me even when I knew I had money to cover. If they are arbitrarily handing out money, NEWSFLASH… YOU OWE ME MORE. Thanks, Citizens, for reminding me why I went to a credit union ($4 overdraft fees … and now that I am older, I RARELY see them).
Well i was charged several hundreds of dollars when i was with citizens bank and i just got a check for $19.62 It wasnt even worth waiting for!!
I left Citizens about 6 years ago. Because they would rearrange my charges, to maximize my overdraft fees. I just opened my check and it was for $553.09. The refunds were not meant to return all fees, but rather a portion of them. If you look at an over draft like a loan it would look like this: If you write a $100 overdraft check, within two weeks you’ll owe an additional $106.90 to the bank – a $37 overdraft fee, plus an extra $6.99 per day in “sustained overdraft” fees for the fourth through the 13th day. Represented as an annualized interest rate, or APR, that’s the equivalent of a 2,779%!!!! And that my friends is against the law!!
I got $628.30 – I know they screwed me quite a few times and bounced checks when I actually had enough money in there – and they laughed when I called them on it. Looks like mine is one of the higher ones.
Did anyone cash these checks yet? And did anything bounce in your accounts?
How did you guys know it was coming out the 19th? I just found out yesterday by doing a search. We left citizens bank about a year ago, I received a post card at my husbands parents house! This was never an adress for us while banking here. While my account was closed citizens charged me two over drafte fees- three weeks after my account was already closed- one for an ATM withdrawl (four weeks prior to closing the account and I did have money in the account and second for a voided check my scummy landlord tried to cash (the check wasn’t valid. We paid him out of new account!!!). I never paid the fees because they weren’t valid. The woman told me it was ok and charged off and finally my account was actually closed. They reopened it with their “charges”. Also they are still practicing this type of baking. Why is that ok??? What’s the point if the settlement if they haven’t changed their practice!? When will peopel without accounts receive payments? I also though we would receive the amount of money we lost because of wrongful fees? How are peopel getting less than the overdraft fee!? This is disgusting.
Keep recieving a little check…. tired whats the deal… contact the protection bearu
Wow this lawsuit is full of b.s they was rewarded 137 million and was to pay us back 5years wow and all i got was $ 17.07 wtf mad as hell for that
I didn’t even know about this lawsuit, but received a whopping $6.89 on September 19. I wondered what it was for, and looked up their website, which is NOT located on the main Citizens website (nor mentioned anywhere I could find on it)! Wow.
However, a little over a year ago I was looking up information about unfair fees, and learned about the Consumer Financial Protection Bureau. The CFPB forwarded my concerns to Citizens, which got them to respond, in that I received a defensive letter from someone at Citizens, and a refund of $666.00 (I am not kidding). Remaining was still over $1500 in excessive fees, carefully documented. Out of my total fees, I should have paid $185.
Like most of us, I imagine, I had been incredibly careful with the paycheck-to-paycheck money I had, keeping careful track of my expenses and checking online often for updates to my balance. So, I often bought groceries and other necessities while I knew there was money available, and waited for payday to make my big payments.
I sometimes knew that I was going to get hit for an overdraft fee when I paid my mortgage a day before payday–and bargained in the $37 (outrageous!) fee, rather than risk my credit with a late payment. Somehow, though, time after time, the small earlier charges never cleared for days, but the mortgage always cleared on the same day. And I could prove it.
I never received anything in the snail mail, email, nor through the electronic messages or alerts on my online account, that there was a chance to recover more of the fees by submitting a claim through this lawsuit.
Indeed, what a rip off this has been. I already have another account open somewhere else, and have been moving everything over to it. It doesn’t give you much faith in our world when these things happen, does it? And sad to say, it devastates the very people who can afford it the least.
When are checks being mailed? Did anyone get a check yet that no longer has an acct?