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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
Has anyone receive any money from the settlement yet ?
No, I don’t think anyone has. I’m not holding my breath on receiving it before the Oct. 29th deadline. I emailed them last week and they said no payments have been made yet.
SETTLEMENT UPDATE: JULY 18, 2014
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 was no longer the previously-referenced February 24, 2014. On June 24, 2014, the Court issued an Order dismissing the appeal, and the Effective Date is therefore July 1, 2014. We do not yet have a specific date available for when account credits will be applied in instances of open accounts, or when checks will be mailed for former accounts. We appreciate your patience as we work to distribute funds in advance of the October 29, 2014 Court deadline. This site will continue to be updated as specific dates and details become available.
Check the website usbankoverdraftsettlement.com there has been an update as of July 18th. The appeal was dismissed and distribution of money should be starting soon.
i’am happy that someone know something.i will call this #asap888-398-8207
I called the number from the website and they gave me an email address to write to so I did and just got a response. They confirmed that I was, in fact, included in the settlement and then went on to reiterate the order of all the appeals and such and that as of right now they have not gotten any finalization on the last appeal. NO checks have been issued yet, they said!
Diana what number did you call?
1 888-398-8207 press option 7 for the email address.
There was the Alexia settlement for 16.41 around the same time. Maybe thats the check you received.
It did come from alexia … But said usbank settlement
does anybody know the current status of the appeal and if there’s a final judgment set in place soon?
I got a check on June 16th so they have started mailing some don’t get to excited mine was only $16.41 maybe 1/300th of what I paid in fees !
I just called the info phone number 8883988207 they gave the info that there was an appeal by us bank on Jan 30th and The Effective Date is now subject to the resolution of the appeal. It will update as soon as the appeal has been finalized and when there is a date for distributions
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No money yet here. I figured they were not mailing unit the 24th to wait as long as they can, Hopefully they get off their A@#^%E^ and get it completed. .
Has anyone received compensation? I thought I read some where that compensation would be mailed or deposited by June 24, 2014!