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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
http://topclassactions.com/lawsuit-settlements/lawsuit-news/2066-us-bank-reaches-55m-overdraft-fee-class-action-settlement/ posted Sept. 19
Have anyone received a check?
I’ve only seen one person to post for their settlement and it was on another site. It was for $8.84. UNREAL!!
Debbie, what site did you see that on?
http://topclassactions.com/lawsuit-settlements/lawsuit-news/2066-us-bank-reaches-55m-overdraft-fee-class-action-settlement/ You have to scroll all the way to the end of the comments. It was posted on Sept. 19. by Tina. I don’t see where anyone else has posted anything.
http://topclassactions.com/lawsuit-settlements/lawsuit-news/2066-us-bank-reaches-55m-overdraft-fee-class-action-settlement/ It was posted on Sept 19.
I received $6.08 lol sad life.
Distributions are scheduled to commence September 15th, 2014. For current account holders, account credits will be applied during the week of September 15th, 2014. For former account holders, postcard checks will be mailed during the week of September 22nd, 2014. Details regarding distribution may be found in the Frequently Asked Questions section of this website… http://www.usbankoverdraftsettlement.com
I am also a victim of US Bank’s fraudulent practices. After looking into this case further I realize the likeliness of anyone receiving anything significant is slim to none. Comparing this case to other bank settlements, it is more likely that the majority of people won’t even receive an amount that will match the cost of ONE overdraft fee! On top of that…US Bank won’t even feel the sting from this settlement since they forced their insurance companies to pay for them (separate court battle). I don’t feel the satisfaction I should because not only is US Bank standing by the statement that they never did anything wrong, but they also aren’t losing any money and hurting from this. So many families, mine included, were hurt terribly due to this practice and they don’t care. I dislike big business so much. I’ll be closing my account and going with ba credit union once this is over.
Actually it did go to court and the bank appealed…the judge in the appeals court threw out their appeal. Settlement was suppose to be for 55 million…attorneys getting 30% or so leaving approx 14 mil and there are 27000 claiments who qualify for a settlement. I cant be positive on the figures, but this is what I have found during my search for answers since receiving the post card last year….
Go to http://www.usbankoverdraftsettlement.com for updates…last updated July 14th. New effective date was July 1st and deadline to have checks out/accounts credited is Oct 29th. Not expecting to get back everything I lost either.but the lawyers are sure going to get rich! Sadly, they’re as slimy as the banks when it comes to money…but hey, makes them look good though when they run for judge in the future… =/ hope this helped =]
According to the final draft of the settlement you can only receive a refund if you had 2 overdrafts in the same business day not the total number of overdrafts, also you will only be getting about 13% of your money back that you lost because the attorneys wanted to settle without going to court. So only the attorneys are going to benefit from this lawsuit because they sold out the claimants by not taking it to court to add insult to injury the law firms will be the first to be paid then whats left over will be distributed to the claimants. In other words don’t spend your valuable time worrying about how much your going to get back because you will be disappointed
It is August has anyone heard anything about the effective date of this final approval to the settlement yet?
On January 6, 2014, the Court granted Final Approval to the Settlement, and on January 15, 2014, the Court entered Final Judgment. On January 30, 2014, a timely notice of appeal was filed. Therefore, the Effective Date is no longer the previously-referenced February 24, 2014. The Effective Date is now subject to the resolution of the appeal. We do not know how long the appeal process may take, nor are we able to offer specific details on the nature of the appeal; please be patient. This site will continue to be updated as specific dates and details regarding both the appeal and potential distribution become available.
Still nothing and it’s July 1st! This is ridiculous!