$1.5M Popular Bank overdraft class action settlement

A $1.5 million class action settlement resolves claims Popular Bank charged overdraft fees on certain debit card or ATM transactions.

The Popular Bank settlement class benefits Popular Bank checking account holders who were assessed and not refunded an overdraft fee between May 13, 2016, and July 26, 2024.

The settlement also includes individuals who were charged Popular Bank overdraft fees for transactions authorized against positive funds on or after April 16, 2020, as well as those who were charged overdraft fees for transactions authorized on or before April 15, 2020.

Plaintiffs in the class action lawsuit allege Popular Bank breached its account agreement by assessing overdraft fees on transactions known as Authorize Positive, Settle Negative Transactions. These APSN transactions reportedly occurred when Popular Bank charged an overdraft fee on a transaction that overdraws the account when it clears despite being previously authorized with sufficient available funds.

Popular Bank is a bank that offers personal and business checking and savings accounts and lending opportunities like mortgages.

Under the terms of the settlement, class members can receive a pro rata share of the net settlement fund based on the amount they paid in Popular Bank overdraft fees during the class periods. Current account holders will receive an account credit, while past accountholders will receive their payment as a check. No payment estimates are available at this time.

The deadline for exclusion and objection is Dec. 9, 2024.

The final approval hearing for the settlement is scheduled for Jan. 7, 2025.

No claim form is required to benefit from the Popular Bank settlement. Class members who do not exclude themselves by the deadline will automatically receive settlement payments.

Who’s Eligible

Popular Bank checking account holders who were assessed and not refunded an overdraft fee between May 13, 2016, and July 26, 2024, as well as individuals who were charged Popular Bank overdraft fees for transactions authorized against positive funds on or after April 16, 2020, and those who were charged overdraft fees for transactions authorized on or before April 15, 2020

Potential Award

Varies

Proof of Purchase

N/A

Claim Form Deadline

12/09/2024

Case Name

Lipsett v. Banco Popular North America, Case No. 22-cv-3901, in the U.S. District Court for the Southern District of New York

Final Hearing

01/07/2025

Settlement Website

LipsettOverdraftSettlement.com

Claims Administrator

Popular Bank Fee Class Action
c/o Settlement Administrator
P.O. Box 2798
Portland, OR 97208-2798
877-701-2656

Class Counsel

Jeffrey Kaliel
KALIELGOLD PLLC

Michael R Reese
REESE LLP

Defense Counsel

Mitchel H Kider
Michael Y Kieval
WEINER BRODSKY KIDER PC