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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
Connie,
Thank you for looking into this. Problems are still ongoing. When payments are made through online banking, money is not taken from the account at the time the bill is paid. About a week ago, my balance, and available balance, was about $800.00. I withdrew $200.00. On the following morning, my balance was negative by about $178.00. Of course, I was charged with 2 overdraft fees.
I am relieved that something is being done to stop bank corrupton. During my time with US bank, I lost more money than I was making at the time. I felt as if I was being robbed every time I went in to the bank. At the time, I had a new born and two young girls and this affected me greatly. I would like to say thank you. Some one is standing up for the back bone of this country- The working man. Those of us who scrape by week to week do not deserve the treatment laid upon us by corrupt corporations who try to rob us of money when we do not have it in the first place.
i no longerlive at the address i got this post card about the lawsuit how do i change my address so if i get money back from the settlement
when do I get compensated I got the card in the mail
i have got one of thes cards
I have received card in the mail about the lawsuit ?
what I should do next ?.
I have received card in the mail about the lawsuit, but I do not have an account with them any more. If I have money coming I would like to get what I deserve.
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.
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.
A Final Approval Hearing is scheduled for December 18, 2013.
I don’t have a US bank account anymore, how do I get the check for the Overdraft Fee Class Action Settlement?
i just got a postage card in the mail today and its sept17,2013 saying that I am entitled money for overdrafts fees from us bank I need to know how to get my money since I don’t have a checking account with them anymore? can someone tell me how? I need help. they took my paycheck every week for 8 months. I went in there and told them about it the would put my money back then take it back out the next day. I made over 300 dollars a week so yes I deserve that money cause my son done without because of this bank. if it wasn’t for my mother we would had no food or place to live because of that bank. so will someone please help me claim my money? thank you very much. I have got married so my last name is Campbell now so I don’t know what to do. please help me.