$4.85M Central Bank fees class action settlement

A $4.85 million Central Bank class action settlement resolves allegations of improper overdraft fees and non-sufficient funds fees charged to customers.

The Central Bank settlement benefits Missouri citizens who had an account with Central Bank before July 1, 2018, and were charged overdraft fees on debit card transactions that were authorized into a positive available balance and settled on negative funds in the same amount since Dec. 10, 2015.

The Central Bank fees settlement also benefits Missouri citizens who had an account with Central Bank before July 1, 2018, and were charged more than one overdraft or non-sufficient fee on the same item from Dec. 10, 2015, and Aug. 1, 2021.

Plaintiffs in the Central Bank fees class action lawsuit claim the bank implemented deceptive fee policies to charge unfair and excessive overdraft and non-sufficient funds fees. In addition to charging multiple fees on a single transaction, Central Bank allegedly charged overdraft fees on transactions that had previously been approved with a positive balance.

Central Trust Bank is a financial institution with 140 locations in the Midwest, including multiple locations in Missouri.

The bank has not admitted any wrongdoing but agreed to resolve the fees class action lawsuit with a $4.85 million settlement.

Under the terms of the Central Bank settlement, the company will waive more than $2 million in charged-off balances that include at-issue fees assessed against class member accounts between Dec. 10, 2015, and May 29, 2024. In addition, Central Bank will make efforts to update any negative reporting regarding these waived fees so class member credit reports are not affected.

Class members can also receive a payment from the Central Bank fees settlement based on the amount they paid in at-issue fees. Payments will vary depending on a number of factors including fees paid, the number of participating class members and the amount deducted from the settlement for fees and costs. No payment estimates are available.

The deadline for exclusion was Oct. 28, 2024. 

The deadline for objection is Nov. 19, 2024.

The final approval hearing for the settlement is scheduled for Dec. 4, 2024.

No claim form is required to receive settlement benefits. Class members who do not exclude themselves from the settlement will automatically receive the waived balance benefits and cash payments.

Who’s Eligible

Missouri citizens who had an account with Central Bank before July 1, 2018, and (a) were charged overdraft fees on debit card transactions that were authorized into a positive available balance and settled on negative funds in the same amount since Dec. 10, 2015, or (b) were charged more than one overdraft or non-sufficient fee on the same item from Dec. 10, 2015, and Aug. 1, 2021

Potential Award

Varies

Proof of Purchase

N/A

Claim Form

N/A

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Exclusion Deadline

10/28/2024

Case Name

Hall, et al. v. Central Bank, Case No. 20AC-CC00505, in the Missouri Circuit Court for Cole County

Final Hearing

12/04/2024

Settlement Website

CentralBankClassAction.com

Claims Administrator

Hall, et al. v. Central Bank
c/o Simpluris
PO Box 25225
Santa Ana, CA, 92799
[email protected]
877-645-1924

Class Counsel

Taras Kick
Tyler J Dosaj
THE KICK LAW FIRM APC

Defense Counsel

Heidi Doerhoff Vollet
COOK VETTER DOERHOFF & LANDWEHR PC