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A federal judge on Monday preliminarily approved a class action lawsuit settlement between U.S. Bank and checking account customers who were charged improper overdraft fees.
The July 29 decision by U.S. District Judge James Lawrence King comes nearly a year after U.S. Bank agreed to pay $55 million to settle three class action lawsuits pending in the massive multidistrict litigation (MDL), known as In re: Checking Account Overdraft Litigation, involving more than 30 different banks nationwide.
The class action settlement resolves allegations that U.S. Bank posted debit card transactions to consumer deposit accounts from highest to lowest dollar amount instead of the order in which they were made. Plaintiffs claim that, instead of declining transactions when an account had insufficient funds to cover a purchase, U.S. Bank authorized the transactions and reordered their posting to increase the number of overdraft fees charged to customers.
Class Members of the U.S. Bank overdraft settlement include anyone who had a U.S. Bank consumer deposit account that could be accessed with a U.S. Bank debit card during the applicable Class Period and who were charged one or more overdraft fees as a result of the bank’s improper debit posting policy.
The applicable Class Period depends on the state where your U.S. Bank deposit account was opened:
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The amount of money you can receive from the U.S. Bank overdraft settlement will depend on the number of overdraft fees you incurred. Only a small percentage of all overdraft fees that were charged by U.S. Bank were affected by high to low posting. So, not every overdraft fee that was charged is eligible for payment under this class action settlement.
Payments will be automatically credited to your U.S. Bank account or (if you no longer have that account) by check mailed to the address U.S. Bank has on file. There is no claim filing process.
More information on your rights in the U.S. Bank Overdraft Class Action Lawsuit Settlement can be found at www.USBankOverdraftSettlement.com. [Editor’s Note: this website was not yet active at time of publication.]
A Final Approval Hearing is scheduled for December 18, 2013.
UPDATE 1/2/14: The Settlement Administrator has posted the following update:
The Final Approval Hearing was held on December 18, 2013. Following the presentations of counsel, the Court announced its intention to grant Final Approval to the Settlement, to award Service Awards to the twelve (12) named Plaintiffs, and to award Class Counsel attorneys’ fees equal to thirty percent (30%) of the Settlement Fund plus reimbursement of certain expenses. The Court has not yet entered a Final Approval Order and Final Judgment. This website will be updated again as soon as the Final Approval Order and Final Judgment are entered by the Court.
The case is In re: Checking Account Overdraft Litigation, Case No. 1:09-md-02036, in the U.S. District Court for the Southern District of Florida.
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UPDATE: 2/20/14: The Settlement Administrator has posted the following update:
On January 6, 2014, the Court granted Final Approval to the Settlement, and on January 15, 2014, the Court entered Final Judgment. In the event there are no timely appeals, the Effective Date will be February 24, 2014, and distribution of awards to eligible Settlement Class Members by account credit for current customers or by mailed check for former customers will occur no later than June 24, 2014. This site will continue to be updated as specific dates and details regarding distribution become available.
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168 thoughts onU.S. Bank Overdraft Class Action Settlement Preliminarily Approved
Email info@usbankoverdraftsettlement.com, call them or send a physical letter to the address listed on their site. DO NOT POST YOUR INFO IN THE COMMENTS FIELD OF AN ARTICAL THAT WAS POSTED THROUGH A 3RD PARTY WEBSITE!! SERIOUSLY!
Any Idea when the payments will be deposited?
When are the charges going to be send to accounts, or when is the check going to be sent. I had an account that was closed for that reason. It ended with the number of 2000 from a USBank account in Burlington Iowa. Sure hope these people get some since about what they did. I told them it was crazy the way they posted the accounts. Now are charging me Monthly Mainetance Fee like $6.95 plus tax. I guess they think that can get there money back by doing this. I guess you have to be millionaire to get no charges against your account. When live by check to check these overdraft fees suck, I think they owe about $2500.00 for there stupid mistake.
I’ve had two accounts with u s bank one was direct deposit from my job which I got ripped for quite a bit over a 6 month period the second is a child support account which isn’t supposed to overdraft it’s like a pre paid debit card it over drafted and locked up for weeks over 10.00$ and I couldn’t pay the bills nor buy groceries without borrowing money until my account unfroze 5 weeks later. In the terms and agreements for that card was that when you hit zero it was just that and no more . I hope they switch banks and quick I don’t want my kids to go through that again
i had a checking and a credit card all on my account u guys granished my wages and i paid u guy off u guys took over 7000 dollars from me charges after charges i want intrest like u guy did to be plus i want intrest far back as the day u guys robbed be me money for over a 3 years time so that will be like percentage like u guys did me wrong and i want it to the day thank u and karma is a bitch dont it hurt your guys pocket book
I was recieving my child support through US Bank also used to have an account with them. Problem is child support switched to Bank of America and I cant find my old card anywhere. So I dont know if money has been deposited on it or not
Does anyone know when the cheks are gong to be sent out?
I notice a lot of people are asking about how they can join the lawsuit. If you have not already received a postcard in the mail, then you are not on their list. Go to http://www.usbankoverdraftsettlement.com for more information.
I too was screwed over by US Bank years ago.
please keep me updated! They ripped me off soooo many times. I DO NOT LIKE THIS BANK AND WILL NEVER GO BACK!!!!!
I WAS OVERDRAFT 125.00 FOR A 2.00 ON MY ACCOUT MY ADRESS PO B0X 1085 LINNCREEK MO 65052 THANK YOU JOHN CRAMER