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This settlement is closed!
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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
Settlement Website
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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33 thoughts onRBC Bank Overdraft Fees Class Action Settlement
I have received a post card about this and I have called the number and visited the website. I need to know where are the funds? This was the first time I have received any thing about this.
When do I gety money
When can we get our money now that all has been settled
Deborah
I read that class members will have their compensation given pro grata after final hearing, 150 days after final hearing…which should have been around Hanuary 10th, but to no avail.
So whatever happened??? I’ve never heard anything more from anyone, like where’s my check!?! They clipped me for hundreds in that time frame! “Overdraft protection” my eye!
add me please
I have banked with them for over 20 years, I always questioned why amounts that were larger came out ahead of smaller and amounts and deposits.
Add me
Any updates on the hearing ???