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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
NEED TO HEAR FROM SOMEONE WHERE OR NOT I AM INCLUDED IN LAW SUIT
To: Top Class Actions
The US Bank submitted an appeal on 30 Jan 2014 just in time to stop the action for the refunds to start. The dates of Feb 2014 and Jun 2014 are no longer good. We now have to wait for the court to rule on the appeal. Who knows how long that will take. We are back at square one!
UPDATE: The Settlement Administrator has posted the following update to http://www.usbankoverdraftsettlement.com/:
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.
Hate USBank. Is it too late to add my name? I have not received a postcard at all.
What is the latest on the bank’s appeal on 30 Jan 2014? You know of course this is appeal is just so the bank can continue getting interest on the 55 Mil that was set aside for us to get refunds. Believe me, this is just another stall tactic by the lawyers. The bank will not be out of any money when we finally get our refunds. They will still continue to profit from all this.
Has any one received a payment
I recently started being garnished by a collections place that bought my overdrafted account debt from u.s. bank. Can they do that while u.s.is in the middle of a class action suit?
US bank ruined my credit. How much is that worth.
There is a US bank overdraft settlement home. The court approved the settlement but the lawyers have appealed it. Hard to say when we will get our money. They will automatic deposit to your account if you’re still with US bank. If not they will mail a check to you so make sure the bank has your current address if you’re no longer a customer.
For many years I banked at U.S. Bank. I opened a savings account with them when I was under 18, and had my parents as a co-signer on the account. Even many of my relatives did, and still do conduct business with them. My Grand-Father was one of their first customers in this area, and that was over 50 years ago.
Unfortunately, since then, they have lost sight of business ethics. Treating customers as cash crops by charging them unwarranted overdrafts is a big way to loose customer loyalty. I did not choose to close my account at U.S. Bank, it was charged off due to over $800 in overdraft fees. At the time, I remember making payments at their local branch, and for some reason, it would never get posted.
Eventually, shortly after they charged off my account, I was contacted by the branch manager of where I normally conducted banking transactions. Upon entering the bank, and sitting down to talk with the branch manager, I was informed that if it was not paid off within a certain time limit, other problems would arise. The main problem being them contacting the local authorities, and pressing charges to gain a warrant for my arrest. I was unemployed at the time, and they did not care.
So, I had to borrow money from my relatives to pay off the overdraft. Since then, the person that helped me has passed away. With every incident of an overdraft charge through a bank, an individuals personal credit is damaged. Due to their practices, my credit was so damaged that by the age of 24, I could not gain a loan even with a co-signer that has what is considered a gold credit score.
Shortly after paying off their bogus trumped up overdraft charges, I went to another bank. Through total irony, that bank was also recently sued for $15 million for the exact same thing. Guess what happened, the bank lost, and was forced to pay. Granted, they paid me all of the excess amount of what I had paid them in overdrafts but, U.S. Bank needs to be required to pay back every penny they illegally took from customers via misappropriation of overdraft fees.
That probably will never happen due to how messed up our legal system is. What really needs to happen is, restitution of the total amount of fees taken from customers to be paid back in full to the very penny, and the person who came up with the transaction posting system arrested, and place in jail. However, chances are that will never happen. If it was one of us private individuals, we would be put in jail so fast it would make your mind spin in amazement. For high powered executives who think they can do whatever they want, all they get is a minor slap on the wrist.