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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
I am currently going through this with them they changed around dates and deposits so they could overdrawn my account and charged me over 300.00 in fees. I have proof from the bank not the statement but the actual transactions and also the withdraw slips showing my available balances and should have never been charged. I was informed by them that I needed to close my acct which caused me lots of issues especially because I have my pay in 4 automatically taken and paid from my acct. I then had to find a new bank and that has caused me to be late and my credit that I am trying to build get all messed up. What can I do about this the owe me those fees and then some.
U.S. bank charged me 1548.00 in overdraft fees in 4/21 can of recover those funds as I’m in class action suit now but, I found my papers showing fees can you let me know please!!!
Well I had an account with them around 2009/2010 so I’m in that time frame for my state. Let me tell you……they hit my account so bad that they let several different transactions go thru 3 or 4 times a day. I had no idea until I bounced a check for a vet bill. I ended up going to court for and paying 10x the bill. So with that being said I need to be put on for the state of Kentucky. Please and thank you.
Is there a recent lawsuit/settlement ? I’ve been going through this for a few years with them. And didn’t realize the lack of security
So how do we receive our money and who do we talk to you do you know
Add me
I never received my overdraft re reimbursement from US Bank….stinking robbers is what they are! I am disabled now and can’t even work.
I used to have a usbank account and lost track of all the high overdraft fees I paid. I had the acct since the summer of 2003 and it was closed in 2012 as I was out of the country for a while. I believe I never did an official address change from the address they had on file and unfortunately I didn’t get any refunds knowing that I am definitely entitled to some. I recall one time I went into a US bank inside a grocery store and made a withdrawal of $800. Well back then I used to work a lot and didn’t pay much attention to my banking transaction plus I had other accounts with usbank joint with my then husband. Well the $800 withdrawal apparently didn’t post to our acct until (no kidding) approx 2 or more weeks and we got paid weekly so were spending more than we technically had. Checking my balance everyday didn’t help because for over 2 weeks they didn’t remove that $ so there was no sign of that transaction for enough time for it to confuse the heck out of us and our future transactions. It was a mess by the time I investigated and found out what the issue was and it made no sense why it took so long for them to process it!
I live in Missouri. No longer have my U.S. Bank account. I registered years ago when the Class Action Suit began. How do I find out about my settlement and how to receive it?
I live in Arizona and us bank the last two months has charge me over 10 over drift fees after i was out of funds and the over drift protections was turned off i would like to know if anyone can tell me who the attorney was that did this case? us bank seems to think nothing can be done to them for this.
I was charged so many times that I losted my home, and end up the hos. I want in the 2018 overdraft settlement. Sincerely Nancy Kelly
I am a us bank customer who has been charged many times and want to be a part of this lawsuit, thanks