RBC bank headquarters in Toronto

RBC Bank customers have secured a $7.5 million settlement ending claims that accuse the financial institution of driving up overdraft fees with deceptive posting of transactions.

Class Members include those with an RBC account who were charged overdraft fees between Oct. 10, 2007 and March 1, 2012 as a result of the posting of transactions by RBC from the highest to lowest amounts, rather than by time.

Lead plaintiff Michael Dasher alleged in the RBC Bank overdraft class action lawsuit that he and other bank customers were hit with unexpected overdraft fees after using their debit cards.

He claimed that the bank reordered transactions from highest to lowest amount in order to drive up overdraft fees, catching customers unaware and leaving them more likely to be assessed multiple overdraft charges.

Dasher’s class action lawsuit was consolidated into similar litigation filed against RBC. The bank tried to force the plaintiffs into arbitration, but was shot down by the Eleventh Circuit Court of Appeals.



The consolidated bank fee class action lawsuit included several other banks, including U.S. Bank, TD Bank, Chase Bank, and Bank of America. Many of these banks have entered into separate settlement agreements.

Similarly, RBC agreed to settle the overdraft class action lawsuit, offering Class Members $7.5 million to end the litigation.

Under the terms of the RBC Bank overdraft class action settlement, Class Members will receive an award based on the number of unfair overdraft fees they were hit with and the number of Class Members. Awards will be distributed in the form of either a cash payment or an account credit.

Class Members do not need to take any action to make a claim; awards in the form of cash benefits or account credits will be automatically sent after the final approval of the RBC Bank overdraft class action settlement.

Class Members who wish to exclude themselves or object to the RBC Bank overdraft class action settlement must do so by March 18, 2020. The final approval hearing for the settlement is scheduled for April 22, 2010.



Who’s Eligible

Class Members include “All holders of a RBC Account who, from October 10, 2007 through and including March 1, 2012, incurred one or more Overdraft Fees as a result of RBC’s High-to-Low Posting.”

Potential Award

Cash payments or account credits of varying amounts. Awards will depend on the number of overdraft fees experienced by the Class Member and the total number of Class Members eligible for compensation.

Proof of Purchase

None. Class Members will be automatically entered into the settlement based on RBC’s records.

Claim Form

Claim Forms are not required to benefit from this settlement. For more information, Class Members can visit the Frequently Asked Questions tab on the settlement website.

Objection and Exclusion Deadline

3/18/2020



Case Name

In re: Checking Account Overdraft Litigation, Case No. 1:09- MD-02036-JLK, in the U.S. District Court for the Southern District of Florida

Final Hearing

4/22/2020

Claims Administrator

Dasher v RBC Settlement Administrator
c/o Epiq
P.O. Box 4109
Portland, OR 97208-4109
1-855-958-0544

Class Counsel

Aaron S. Podhurst
PODHURST ORSECK PA

Bruce S. Rogow
BRUCE S ROGOW PA

Robert C. Gilbert
GROSSMAN ROTH YAFFA COHEN PA

Defense Counsel

Mark J. Levin
BALLARD SPAHR LLP

If you were charged overdraft fees or NSF fees by your bank or credit union that you believe are improper for any reason, the attorneys who work with Top Class Actions are ready to investigate these fees on your behalf.

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Please note: Top Class Actions is not a settlement administrator or law firm. Top Class Actions is a legal news source that reports on class action lawsuits, class action settlements, drug injury lawsuits and product liability lawsuits. Top Class Actions does not process claims and we cannot advise you on the status of any class action settlement claim. You must contact the settlement administrator or your attorney for any updates regarding your claim status, claim form or questions about when payments are expected to be mailed out.

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2 Comments

  • Jerry johnson January 9, 2020

    Regions bank is charging almost $40 an overdraft fee and has never clearly stated any overdraft allowence amount they just throw money in you account then when u spend it charge you 40$ every time I spend money you thought was yours and never try to help

    • Benton Lambert January 10, 2020

      Benton C Lambert.

      Yes, I agree banks are kind of untrusted at times because they do things without you knowing what’s going on, I have attended banks that do that many time but at the same time there are great banks as well banks like BRAGG MUTUAL FEDERAL CREDIT UNION this bank I can trust to the fullest their in there doing what they have to do without any error and that’s a good thing and more blessings to BRAGG MUTUAL FEDERAL CREDIT UNION.

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