Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.
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.
ATTORNEY ADVERTISING
Top Class Actions is a Proud Member of the American Bar Association
LEGAL INFORMATION IS NOT LEGAL ADVICE
Top Class Actions Legal Statement
©2008 – 2024 Top Class Actions® LLC
Various Trademarks held by their respective owners
This website is not intended for viewing or usage by European Union citizens.
Honda, Hyundai, Kia, Subaru vehicle data collection class action lawsuit investigation
May 17, 2024 | Legal News
179 thoughts onU.S. Bank Reaches $55M Overdraft Fee Class Action Settlement
i would like to know if i am going to get my charges back
I just received a card this last Monday but cannot find it now. Where do I go or who do I call to see if I am part of the lawsuit. US bank took 100’s of dollars in fees from me.
1-888-398-8207 or http://www.USBankSettlement.com
im not quite sure how long ago i had the account but i know i paid quite a bit of money in overdraft charges
Will the compensation cover the unfair overdrafts or will the money just be symbolic?
I have had conversations on te phone and in person about their overdraft policies and in the end stealing from customers that trusted their name. I have been to events that US bank puts on and they have plenty of money to throw away on huge parties and huge paycheck to the suits! They take money from trusting customers to line their satin pockets with green Cotten called the almighty dollar. I hate to break it to people including myself with a 55 million dollar settlement most will only see a few dollars if that. I believe it is around $.37 on the dollar for charges. I saw a settlement for B of A that was over 100 million dollars and the average person got around $37. Where does the rest of the money go? That I am curious. The lawyers get rich, that is for sure. So again…. The customers basically get spit on again. Most overdraft fees are not just that but also include fees from the individual companies which many have hefty fees themselves. None of that is taken in to consideration. So really, the heartache of the stealing from US bank plus the heartache from all the other companies is not taken into consideration. I know I am not te only one that thinks giving around 14% out of 55 miilion that goes to lawyers such as other bank settlements is wrong. Why do they get all the money when the customers that the criminal act was done to gets pennies for their pain and suffering. Something is very wrong and should be changed. The customers should get more than just a couple dollars. Doesn’t even make sense and is wrong as well. So the lawyers win again and also US bank another big bully like so many other big corporate big wigs that have no heart and soul. We can all thank US bank or stealing from us and giving us nothing in return. US bank suits will get what they have given. Regardless if justice is ever done. What goes around comes around. If I was in charge of this case and how much money customers who have been wronged get, I would think carefully about it and do the right thing not just what makes their bank accounts full.
I got a card in the mail too, and I did had on acct. with them but not any more ,I went to look in my files and I can belive I had over 3 overdraft fees in one day wen I move I change my address in the post office so that’s how they find my new address. I m glad they willing to pay for the damage on people.
They better hold u.s. banks feet to the fire.MORE MONEY MAKE THEM PAY FOR DESTROYING PEOPLES LIVES.
I was sent to collections after a 4 dollar overdraft turned into a grand in a week. I was asked on the phone by a debt collector if I would settle for 800 about 3 months ago
I have been with US BANK several yrs, have numerous OD charges last yr. over $2000.00 If I could redeem a portion of the charges which has occured for several yrs I would be very APPRECIATIVE I do not have a problem giveing you my acnt. # or whatever neccesary
To redeem the excess amount I been charged.
THE CARD SAYS YOU WILL WITHER GET A PAYMENT IN YOUR BANK ACCOUNT OR YOU WILL RECIEVE A CHECK
IM GLAD TO HEAR THIS CUS THAT WAS STRESS TRYING FIGURE OUT WHAT WAS GOING ON WHEN I KNEW I WASNT OVER DRAWN…….