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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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178 thoughts onU.S. Bank Reaches $55M Overdraft Fee Class Action Settlement
US BANK IS THE SORRIEST, LOWLIFE OF BANKS, EVEN LOWER THAN COUNTRYWIDE BANK. I HAVE HAD AN ACCOUNT FOR YEARS, AND NEVER A PROBLEM. I STUCK WITH THEM, EVEN THOUGH THERE IS NO US BRANCH IN THE DALLAS/FT WORTH AREA OF TEXAS. I HAVE DEPOSITED THOUSANDS OF DOLLARS. I HAD A PROBLEMS WHEN I COULD NOT CHANGE A AUTODRAFT TO ANOTHER BANK FROM US BANK. SO I WENT AHEAD AND PAID THE PAYMENT AHEAD OF TIME AND ASKED THE REP TO NOT DRAFT THE PAYMENT AGAIN. THAT IS WITH STATE FARM INSURANCE, WHICH ARE THE ONES THAT REFERRED ME TO STATE FARM BANK AND THEN CHANGED IT TO US BANK. I SAW THAT THERE WAS A PENDING CHARGE, A DOUBLE CHARGE FROM STATE FARM INSURANCE, SO I SIGNED UP FOR OVERDRAFT PROTECTION. BAM!!!!!! I GET HIT WITH A FEE THAT IS ALMOST $40. I SPOKE TO BOTH SIDES, STATE FARM WAS TO REVERSE THE CHARGE BACK TO US BANK, BUT INSTEAD, THEY SENT IT TO MY SON’S ACCOUNT THAT CAUSED ME TO GET ANOTHER OVERDRAFT FROM US BANK. I CALLED AND SPOKE WITH TAMARA AT US BANK ON 05/04/2023 AT 9:40 AM. I WENT OVER THIS AND ASKED IF SHE WOULD WAIVE THE OVERDRAFT FEE AS A ONE TIME COURTESY, SHE SAID NO. “I CAN NOT DO THIS” WHEN I ASKED WHY, ALL SHE COULD SAY IS I CAN’T. I ASKED FOR A SUPERVISOR OR MANAGER. SHE SAID THAT THERE WAS NONE AVAILABLE AND IT WOULD BE A LONG WAIT. I SAID I WOULD WAIT. AFTER HOLDING FOR 11 MINUTES, TAMARA AT US BANK CAME BACK AND SAID THAT MICHAEL THE MANAGER WILL HAVE TO CALL ME BACK. IT HAS BEEN ALMOST AN HOUR, AND NO CALL BACK. (I WORKED FOR COUNTRYWIDE BANK AND BANK OF AMERICA, AND I TRAINED THE REPS IN CUSTOMER SERVICE AS WELL AS IN OTHER AREAS). SO I KNOW THAT THIS IS A DIVERSION IN HOPES THAT THE CUSTOMER DOESNT BOTHER THEM AND LETS IT GO. AS I TOLD TAMARA, I HAVE ALL DAY AND I WILL GET SOMEONE’S ATTENTION BY REVIEWS, PHONE CALLS, OR CHATS WITH US BANK. IF NOT, I WILL GO TO THE TOP FROM DIRECTOR Andrew Cecere WHO IS CHAIRMAN, CEO AND SO ON. BELIEVE ME, THIS IS VERY UNETHICAL FOR ME TO NEVER HAVE HAD ANY ISSUES WITH THIS BANK FOR OVER 4 YEARS AND NOT TO WAIVE 1 OVERDRAFT FEE.
so where’s my money? I’ve never received anything,how do you make contact with people? my phone number and address have changed several times, but USB sure didn’t have a hard time taking my money
Requesting verification of payment or nonpayment of Overdraft Fee Settlement for account names Robert L Walton or Earnestine A Tyler, #182380227773, this account was closed around 02/2012.
I knew that the banks were crooked in the USA but I didnt know just how crooked till I asked people about US BANK. What did US BANK (Twin Cities) do to them?The stories came out, and there were ALOT of complaints! When I received my $2.98 joke check I decided that I was going to frame it and hang it on my wall. I no longer have a home because of them!
well it appears if what I just read is true, us bank won their appeal and no more money will be paid out, I have been hit by the greed this month, also , bounced my account 7.03$, by time all the dust settles it will be over 200.00$, distroyed Christmas, and took half my rent. I was distracted not on my game, havent bounced my account in 2 yrs. I guess they feel like since they won their appeal they can just do people however they like. I admit I did bonce the account, but they went back and took a cleared transaction off, bounced it, before I ever made my carpayment, which inturn made everything bounce so they could take 4 fees opposed to two, then this week it appears they rushed my auto payment for my internet, I was 2.00$ short on, one day before my direct deposit so they bounced me again for 2 fees. As I wait for the dust to settle, they charged me the 2 fees, removed the 2 small charges and 2 days later the twc payment has finally cleared but when they posted it to bounce twc was between these 2 smaller charges, I have a print out of this. I also checked the account before I left for work and made the purchase for 11.00$, the twc was not there, then when I checked in the next day it was posted so it appeared it was on there, made me negative for 2$ then my purchase for 11.00$, posted under it so I was 50.00$ negative. I never allow auto payments. society has got to the point you cant have a special price if you dont submit to the practice. just to get screwed over, eventually. Holidays are hard, children acting like fools, dont get distracted you could end up homeless in a matter of days with these vultures out here.
Its crazy to me that even after this lawsuit and losing that much money, US Bank is STILL doing this!!! I guess they figure they can pay the $ out and then take it all back again.
I told USbank not to debit my account, when I have insufficient funds in the account. I only had 58 cents. USbank then lets a 10 dollar charge come in , then charges me 80 dollars in fees onmyminddailycom
VERY CURIOUS AS TO WHY I WAS SENT A CARD ABOUT THE SETTLEMENT.
SECONDLY,IM CURIOUS ABOUT JUST WHO RECEIVED A REFUND.
I SENT A EMAIL ASKING ABOUT A REFUND AND THEY SENT ME A EMAIL STATING I WILL RECEIVED O DOLLAR AMOUNT
I GUESS THE SETTLEMENT ADMINISTRATOR PUT A DOWN PAYMENT ON HER A NEW CAR FOR HERSELF OR HIMSELF
US Bank is not the only bank that has been sued for this practice. It is a crime to defraud people, which this is. These banks have paid millions in settlement fees and are still practicing this is heinous. Lets stop talking and acting like victims and take action. Lets start a Website for this purpose, just like the gal did when Bank of America notified their clients that BOA was going to charge a fee for every ATM debit etc. They lost millions of dollars when people all over the country pulled their accounts and put them in credit unions and other banks that practice this same fraudulent activity. LETS DO SOMETHING NOW!!!
Sorry guys….that last sentence should read: …..that DONT practice this same fraudulent activity.
WOW, I got a check for 48.61 and I was pissed. I was with this bank for 20yrs and because of the way they do business I was always getting OD fees. In a 4 week period this sham of a bank bilked me for well over 2,000 due to their shady practices and that was the last straw. It looks like they get the last laugh after all.
I never received a check. Anyone in this boat too? The website say’s I have to now write them to find out about the status.