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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:
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.
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 sure hope to recoop the monies that the hit me with the overdraft fees. They would take anything that was big for a debt 1st then the small oneswhich made them charge you more debt fees. Glad some one is putting this to a stop……
I had an account with US Bank around 2005 I don’t have it anymore . and since moved and yes there was over draft high fees where can I send my new address are you may have it on file the bank has the old address.
This Bank took funds illegally from me and had the nerve to bounce my account “they would do it “NOT ME” then charge me $7.00 a day for it being overdrafted.then take my SSA check which was my only income! Not legal
3605700042 I no longer afiliated with the bank how do I get intouch with them?
Wish someone would answer these inquiries!! I need to put my name/former account into USBANK suit too,,,,,,I have a new address tho, please contact my email for it! THANKS
the link for additional information http://www.usbankoverdraftsettlement.com goes to an account login page …. Do we have to wait to get a notice in the mail with the info or what’s going on? These theives took way too much money in overdraft fees from me and family members … Hence I closed my account with them. Can anyone help!
I use to have account with U. S. Bank. An they Charge me $700 over draft fee. That’s way too much.
You may want to contact the law firm of Chimicles & Tikellis at 610-642-8500 (atty Jessie Royer) or contact the US District Court for Southern District of Florida for additional info. More information will be mailed out soon to potential account holders who will be elgible for the funds.
send information for claim
please send me information to file claim i have 3 active account’s with us bank
I had a US Bank account for many, many years but they started charging these overdraft fees based on deposits applied last and higher amount checks first. I called them on it and they ignored me. I would like some of MY money back but if someone can stick to them for more, go for it. The company officers making these decisions should be have to pay also.