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.
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.”
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.
Objection and Exclusion Deadline
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
Dasher v RBC Settlement Administrator
P.O. Box 4109
Portland, OR 97208-4109
Aaron S. Podhurst
PODHURST ORSECK PA
Bruce S. Rogow
BRUCE S ROGOW PA
Robert C. Gilbert
GROSSMAN ROTH YAFFA COHEN PA
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.