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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 currently have 2 us bank accounts business/personal, and I have been charged an exorbitant amount of fees, is it to late for. Me tone included in the class action lawsuit? Thank you.
I no longer bank with US Bank, and I think the address they have on file for me is a P.O. Box # that I no longer have. Is there a way I can change or update my address to my home address? Thank you.
I fall in this category…I still have my account with US Bank…..I cant Keep Count on how Many $35,00 Over Draft fees…over this period…….And yes I paid them…….I have direct deposit of my Federal Benefit, and soon as that posted, the over drafts ate it up
I was charged so much in overdraft charges($407.70) that I had 2 pay it back b4 I was allowed 2 change Banks. I was so upset how charges just kept on increasing on me.
I just received 2 overdraft fees and not showing where I had any overdrafts, the funds were there so why did I receive any overdraft fees? Now from my first pay check I only have 146.00 left and still have two bills that add up over that and have 2wks to make it so I will receive even more overdraft frees on top of these. Where do I sign up to join this case I have been with this bank since 06 and just received the notice for the law suit.
I had an account with U.S Bank but i’ve closed my account because of the misalanous overdraft charges that they was charging me. Can you please send me information on how to file a claim.
We noticed that and was told they could not do anything about it and would constantly charge me over draft fees there computers purposely done it that way is what I feel charged me thousands and finally I had to close my acct and find a different bank that bank broke me repeatedly I hope they are found at fault.
Oh yes, US Banks screwed me many times. Thousands of dollars. I was going through a clinical depression and balancing an account was not a priority. Self destructive..yes. However. I can remember sitting in their office and talking about the unfairness of this putting through the most expensive item first and the rest would bounce. Even if the most expensive was the last or later purchase of the day. I changed banks after over 10 years with them and have been very happy at WAMU which is now Chase. I also noted early on that banks would automatically sign you up for overdraft protection. I asked US Bank if it was not possible to just decline a debit card that didn’t have enough funds for the purchase. They said no at the time and I’m like “my God you have the technology on credit cards!!!” I realized the thieves banks were years ago. I now do NOT have overdraft protection at Chase..it doesn’t happen often and it is embarassing but for my style of money management it works. Thank you for pursuing this against US Skank. I don’t care how much money I get, it’s the principal. Again, Thank you!!
Sincerley,
Rebecca Vaughan
They are still giving overdraft fees, I got one just the other day. It is highway robbery. I am so sick of them I may change banks.
i would love to be updated.