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|Citizens Bank Reaches $137.5M Overdraft Fee Settlement|
- Monday, 30 April 2012 16:18
Citizens Bank Reaches $137.5M Overdraft Fee Settlement
By Mike Holter
The Citizens Bank overdraft fee settlement joins Citizens with 12 other banks, including Bank of America and JPMorgan Chase, who have agreed to refund customers millions of dollars in unfair overdraft fees. To date, approximately $750 million will be returned to customers from the class action lawsuit settlements reached in the case In re: Checking Account Overdraft Litigation.
Like the other banks, Citizens Bank is accused of reordering debit-card transactions from highest to lowest, rather than in the order that the transactions occurred, in order to maximize the number of overdraft fees that could be charged to a customer.
Updated November 21st, 2012
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Last Updated on Thursday, 27 December 2012 11:09