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U.S. Bank has agreed to pay $55 million to settle a class action lawsuit accusing the bank of charging improper overdraft fees. The U.S. Bank overdraft fee settlement is just the latest to be reached in a multidistrict litigation (MDL) involving more than 30 different banks nationwide, entitled In re Checking Account Overdraft Litigation.
The U.S. Bank overdraft fee class action settlement will resolve allegations the bank improperly manipulated its customers’ debit card and ATM transactions by posting them in highest-to-lowest dollar amount rather than in the actual order in which they were initiated and authorized. The illegal practice was allegedly performed in order to generate excess overdraft fee revenues.
“We are pleased to have achieved this result for U.S. Bank customers who were adversely affected by this anti-consumer practice,” said the Plaintiff’s coordinating counsel. He said he expects the proposed U.S. Bank overdraft fee class action settlement to be presented to the Court for preliminary approval within 90 days.
U.S. Bank is not the first bank involved in the MDL to settlement similar claims. In addition to a $410 million settlement with Bank of America approved last year, class action overdraft fee settlements with JPMorgan Chase Bank ($110 million), Citizens Bank ($137.5 million) and PNC Bank ($90 million) have been announced in recent months. At least nine other banks have settled.
Keep checking Top Class Actions for details on how to file a claim for the U.S. Bank Overdraft Fee Class Action Lawsuit Settlement when they become available.
The case is In re Checking Account Overdraft Litigation, Case No. 09-md-02036, U.S. District Court, Southern District of Florida (Miami).
UPDATE 1/2/14: There is no claim filing process for the U.S. Bank overdraft settlement. Class Members will automatically receive an account credit or check if the class action settlement is approved. 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 (www.usbankoverdraftsettlement.com) will be updated again as soon as the Final Approval Order and Final Judgment are entered by the Court.
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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179 thoughts onU.S. Bank Reaches $55M Overdraft Fee Class Action Settlement
When the settlement is deposited automatically in my account what will the description say?. I just want to make sure I catch it so I don’t have to try and call.
News flash~ US Bank is STILL at it! Everything that they’ve been guilty of that is listed in this class action lawsuit they’ve done to me this month!! I filed a new complaint but your records show that I haven’t filed one yet. US Bank must be recovering their losses by screwing over their new account holders like myself! They’ve posted items NOT in the order the charges were made, withheld funds in my account causing 2 items to not clear, which caused an overdraft fee x3 ($35 ea.). To add insult to injury they tacked on 2 (so far) $25 fees because I am still overdrawn THANKS TO THEM!! I am furious!!! Deceptive, low-life, sneaky, greedy SOBs!! The teller at my local branch refused to look at my checkbook to see the order in which my charges were made, but still dug in her heels insisting the OD charges were legit! I know it’s too late to be part of this latest class action lawsuit against US Bank, but please consider me if a new one if filed. Thanks so much!
Agreed ! They found a loop whole to &@@&@ people !
Got my check today $16.41 not even half a fee they charged and I have paid almost $4000 this past year alone !
Was it deposited to your account or did you get a check?
I got a real check
This site has not been updated for nearly 4 months. There must be some updates that can be giving.
I notice the same thing, too, Richard. You would think that there would be continues updates on this case. Something don’t smell right!
What was the time frame you had to have a US Bank Account to be included in this Lawsuit?
They got me for thousands and I am sure we won’t see but pennies back. I have never received a card or any notifications on this issue! I found out from a friend.
i would get screwed by us bank at least 3 times amonth i would pay bills get gas and go get grocerys and they woyld wait 2 to 3 weeks before they send those payments thru and i would call or go in and they would tell me its not them its the place were i went which was a lie and us bank coperate told me they alway send the higher payment thru first to make sure it can
clear…its the worst bank to be at…
They did the same thing to me! US Bank blamed the merchants not posting the debits/charges. Made THEM out to be the bad guy. US Bank also posted the higher item in my case, too. Funny but I had some issues at Bank of America but never did they blame merchants or charge me overdraft fees when they screwed up. They were sued a while ago as well, but I think they learned their lesson. US Bank is bold!! They’ve got a lot of nerve continuing their deceptive practices!
I was supposed to have received settlement money, but INSTEAD, the bastards sent me an illegal collection
notice. Your POSTCARD indicatred the money was to be returned to my US Bank Account! WHY DO YOU
think I would EVER USE THAT BANK AGAIN?????!! So NOW, I WANT AN IncreaSE IN MY SETTLEMENT
AMOUNT DUE TO THIS LATEST ACTION>They owe me one hell of alot of money, and I’ve YET TO SEE A DIME! HELP>
did anyone read the last court docs from the usbankoverdraftsettlement website?
I am just guessing here but with the amounts the lawyers and court cost etc being awarded its looking to me like I wont be getting anything close to amount I lost. I spent more then 1000$ in over draft fees alone.
who decides how much everyone gets? and with amount of people who should get refunds I just feel like we will all get screwed when or if the disbursements of funds ever happens.
can an honest answer about this be found anywhere at us bank?