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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
I just found out about this lawsuit, on 08/27/2013 i paid off a collection account from us bank that was for overdrafts ($1,317.01 ) when i figured out that they were puting the screw to me, i stopped using my account for a month then iput 35.00 in and left it alone, 3 months latter it was over 300.00 overdrawn i had plenty of words with them and nothing got done about it except the damaging of my credit when they finally sent it to collections. i wouuld really like to get my back,what can i do?
hell yea bout time f ing dirt bags
Hi I had a US Bank account a years ago but had to close account due to to many overdraft fees does anyone know how to get more info or actually talk to someone involved in this
I received a postcard in reference to this class action it said you will receive the money or credit in your account I do not have an account with U S Bank any more so how will i receive my credit?
They will send a check to your last known address.
@briel, obviously US Bank is in the wrong, 1 million customers is no small number, so you are silly for posting such a stupid comment!
stop being excited, you all will get a penny each. should have checked your balanced before using your debit cards. most of you are blaming the bank for your own silly actions.
You are an idiot!
I guess you don’t know what was happening with these overdraft fees. Let me explain. Instead of declining a transaction if your account did not have the funds, the bank was allowing it to go through and would charge an overdraft fee. Even after calling the automated line for your balance saying you had money you would get a charge for insufficient funds. This would usually happen over the week-end and you would find out on the following Monday or Tuesday that you had all these fees.
This person must work for US Bank, that is there standard reply. I am very accountable of my funds, there is no way you can balance with unforeseen charges. I didn’t have a 6.95 service fee and then all of a sudden I have one. Then I get a 12.50 service charge to transfer funds from savings to my checking, then automatically it is reverse. Without my authorization they transfer funds from my checking into savings, which triggers overdraft fees of $36 times 7, because I used my money with my debit card that I deposited into my checking account. I would not have spent funds I did not have, the bank choose to make my money unavailable to create over draft fees. This last month they took $252 in Over draft fees, I could not figure it out or able to explain to my husband where our money went. These fees just started showing on my on line banking this last week, and it was a brutal hit. They encourage you to go paperless and use online banking, and when they steal your money, they blame you for depending and trusting online banking. This is insane and you can not defend your credits or debits.
I had to answer to you one more time because I had to know if they just pay the customer the settlement if they owe them or I need to know if they suggest paying the old accounts off, if they exist in the charge off departments, because if they exist they’ll probably pay mines off, like they always do to embarass me or try to, in collections offices, but I think my overdrafts were over two or three thousand dollars, and my guess may be wrong, but I would still probably have something, or anything left. Please call it would still be good news.
Ms. Denise E. Woodland (Mrs.)
I had to answer two times to let you know that I think that I may have paid a few overdrafts that would be about, 15-20 per year adding up all accounts and I look forward to hearing from you if the settlements are or are not already settled. It would be a good thing for me.
It may not be easy for you to reach me, but I have already left a message and an account notice. Thank You
I had an account with your bank from the year 2005-2011
I have one account that will reopen in October 2013, because I have to set up direct deposit on it. It is a savings account:this will began on the first of that month I hope. My home phone number has been submitted to your help line for the 55M settlement for overdraft fee class action. If necessary please call at your earliest convenience. Thank You Ms. Denise E. Woodland
This e-mail address is not a real one, but I had to make sure that I made a comment to you in reponse of my reading an ad in an magazine. Thank You
I would like to know if I am going to get my charges back