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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 recived a 10.00 check from BofA for a settlement overdrafts .Icalled to ask if that was part of the us settlelment said no .but the bank that issued the check is US, also the same case no. tthis is a slick blow off.it has cost me far more than that.
Many banks still do this. They also hold deposits around here. I had a us bank account back in 2004 and went negative because they kept charging $180 in OD fees so I went to the branch manager and complained of course he didnt want to issue any credits and told them I would pay the one that made me go negative but not the rest because they had the transactions from largest to biggest and the excuse they gave me was that normally the highest transaction is the most important like a utility bill, car payment, rent, etc.. And the consumer would want that paid. I told the manager to close the account because I wasn’t going to pay them fees. Anyways the account was not closed and us bank sold the debt to god knows how many collectors. I also told them the debt was not valid and wasn’t going to pay them and explained why. Of course they give you crap about how your making an excuse which is crap. 6 years later my mother gets a call from a collection company claiming the debt was a lot more than what the bank left it at and if it wasn’t going to get paid then I would go to jail. They have searched for all my relatives searching for me and telling them this crap! Of course my mom falls for it and pays these people without me knowing. Of course another person calls and saying I owe them for this us bank account a year later but I sent them a recepit where this non valid debt that got paid anyways was paid! But as of yesterday (worldwide solutions) almost a decade later I still got people calling relatives and harassing me. I’ve had my number changed and on the do not call list and done everything because apparently the fair credit practice act is a bunch of bs! but the one thing I can say now is STAY FAR AWAY FROM US BANk and Bank of America cause they do the same crap but luckily I got rid of that account because they wanted to charge me a monthly maintance fee after being with them for almost 8 years. Yet they still haven’t charged my husband but yet the bank tells me its everyone! They all feed you crap just to save their asses.
i also experienced this behavior with us bank I have a credit line with them or had they closed the account with out telling me i had theft in my account and was late on a payment now i find out they have been charging me $35.00 Late fee for a year i just quit paying them all together last week when i called and got the run around on the phone they were supposed to call me back and never did i need help to
I Had so much trouble with them. I closed my account I would like to get my money back also! I paid so many overdraft fees. Glad I left.
when we getting paid
I often wondered what happens to the remaining funds from these lawsuits. I know the law firms get a certain percent, cost and undefined help but who benefits from the rest? If we’re only going to get partial reimbursement it still does not compensate for the monies lost by the companies that did not receive their payments. Now we have bank overdrafts, companies unpaid, (that of course charge the customer for a returned payment), and the hell one goes through trying to get a reason for the charges. Now who is going to compensate customers for that? Who is going to revise the law on how much each party receives and a clear explanation as to how the “extra” money is allocated? $2.7 million people is not that large of a number provided that this is the total combining the banks involved. The statement of “plus” extra cost is not clarified so one will never get the precise amount of rewards granted to the people who fell victims to a well known bank scam. Who knows? (Shrugged my shoulder) in disbelief.
It blows my mind that US bank was able to use my money in a fraudulent way to make it’s books look fat. When my books look like I was unable to balance my checkbook. If it were me that had used someone else’s money to fool people into believing that I was doing great things that would be just wrong.
55 million is a drop in the bucket for them. Someone should be punished.
I HATE US BANK.
The U.S. Bank charge my account so much overdrafts fees so I had to close my account and this is the right time for me to get my money from them. They owe me a lot of money but they won’t even try to give me back my money. I feel that the U.S. had taken advantage of me.
What is the result of the court’s final decision on Dec. 18, 2013? My account with US Bank was consistently charged with overdraft fees. I always called the automated line to get my account balance which I was told would have the correct balance. So I would make purchases over the weekend and find out on Monday that I had been charged several overdraft fees. I would go into the branch and have to argue with the reps about the fees. I would be told that I was supposed to keep track of my transactions. I thought I was doing this by calling the automated line assuming all had gone through. So now I see what the bank was doing—-holding everything and allowing the transaction to go through instead of declining them so they could charge the overdraft fee. US bank owes me a lot of money!!!
For more info, go here: http://www.usbankoverdraftsettlement.com/