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|Bank of Hawaii Overdraft Fee Class Action Settlement|
- Monday, 13 February 2012 11:58
Bank of Hawaii Overdraft Fee Class Action Settlement
By Sarah Pierce
The Bank of Hawaii overdraft fee settlement will resolve a class action lawsuit, entitled Taulava v. Bank of Hawaii, charging Bank of Hawaii with not posting debit card and ATM transactions in the order they were made, and instead posting transactions in the order of highest dollar amount to lowest dollar amount so it could maximize overdraft fees.
Bank of Hawaii denies the allegations, but has offered to settle the case with a $9 million class action lawsuit settlement.
Class Members of the Bank of Hawaii overdraft fee class action settlement include all persons and entities that had a personal checking account with Bank of Hawaii and were charged two or more overdraft fees on debit card or ATM transactions on a single banking day anytime between February 15, 2005 and August 15, 2010.
The amount of money you will receive from the Bank of Hawaii overdraft fee settlement will be based on the following equation:
Bank of Hawaii will use its business records to identify each day during the class period on which a Class Member had two or more overdraft fees on his or her account. Bank of Hawaii will then determine the total number of overdrafts for the Class Member on these days (the Individual Total). The Individual Totals of all Class Members will then be added to determine the total number of overdrafts for the entire Class during the class period (the Class Total). After deducting litigation expenses, the balance of the settlement amount will be divided by the Class Total. The resulting amount will be the reimbursement value for each overdraft. Each Class Member’s Individual Total will then be multiplied by the reimbursement value to determine individual payment amounts.
All Class Members will automatically receive class action settlement benefits if the settlement is approved, as long as they did not exclude themselves. A Fairness Hearing will be held February 14, 2012.
More information about your rights in the Bank of Hawaii Overdraft Fee Class Action Lawsuit Settlement can be found at www.TaulavaOverdraftSettlement.com.
Updated February 13th, 2012
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Last Updated on Thursday, 27 December 2012 10:09