Sarah Mirando  |  July 3, 2012

Category: Consumer News

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U.S. Bank overdraft settlementU.S. Bank has agreed to pay $55 million to settle a class action lawsuit accusing the bank of charging improper overdraft fees. The U.S. Bank overdraft fee settlement is just the latest to be reached in a multidistrict litigation (MDL) involving more than 30 different banks nationwide, entitled In re Checking Account Overdraft Litigation.

The U.S. Bank overdraft fee class action settlement will resolve allegations the bank improperly manipulated its customers’ debit card and ATM transactions by posting them in highest-to-lowest dollar amount rather than in the actual order in which they were initiated and authorized. The illegal practice was allegedly performed in order to generate excess overdraft fee revenues.

“We are pleased to have achieved this result for U.S. Bank customers who were adversely affected by this anti-consumer practice,” said the Plaintiff’s coordinating counsel. He said he expects the proposed U.S. Bank overdraft fee class action settlement to be presented to the Court for preliminary approval within 90 days.

U.S. Bank is not the first bank involved in the MDL to settlement similar claims. In addition to a $410 million settlement with Bank of America approved last year, class action overdraft fee settlements with JPMorgan Chase Bank ($110 million), Citizens Bank ($137.5 million) and PNC Bank ($90 million) have been announced in recent months. At least nine other banks have settled.

Keep checking Top Class Actions for details on how to file a claim for the U.S. Bank Overdraft Fee Class Action Lawsuit Settlement when they become available.

The case is In re Checking Account Overdraft Litigation, Case No. 09-md-02036, U.S. District Court, Southern District of Florida (Miami).

UPDATE 1/2/14: There is no claim filing process for the U.S. Bank overdraft settlement. Class Members will automatically receive an account credit or check if the class action settlement is approved. The Settlement Administrator has posted the following update:

The Final Approval Hearing was held on December 18, 2013.  Following the presentations of counsel, the Court announced its intention to grant Final Approval to the Settlement, to award Service Awards to the twelve (12) named Plaintiffs, and to award Class Counsel attorneys’ fees equal to thirty percent (30%) of the Settlement Fund plus reimbursement of certain expenses.  The Court has not yet entered a Final Approval Order and Final Judgment.  This website (www.usbankoverdraftsettlement.com) will be updated again as soon as the Final Approval Order and Final Judgment are entered by the Court.

 

UPDATE: 2/20/14: The Settlement Administrator has posted the following update:On January 6, 2014, the Court granted Final Approval to the Settlement, and on January 15, 2014, the Court entered Final Judgment.  In the event there are no timely appeals, the Effective Date will be February 24, 2014, and distribution of awards to eligible Settlement Class Members by account credit for current customers or by mailed check for former customers will occur no later than June 24, 2014.  This site will continue to be updated as specific dates and details regarding distribution become available.

 

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178 thoughts onU.S. Bank Reaches $55M Overdraft Fee Class Action Settlement

  1. Rita Marino says:

    Us bank has been putting money into my checking in the middle of the night and then by morning the money is gone again without any transactions of deposit or withdrawal. This was done to my account many times and my daughter’s. Talking to other people they are too having the same problem. I went as far as to take a picture with another phone of my phone and current checking balance at 10pm by 2am there has been an increase in my balance of the same checking account, but there is no deposit information AT ALL. No deposit pending nothing. Got a picture of that as well. Finally picture is at 8am the following morning. Show same checking account number the exact next day and time but my balance has returned to its original amount that was checked the night before at 10am. This has been many times a week. My daughter decided when they did it again to her she would charge something in the amount of the extra unknown deposit that was put in and see what happens the next day. Well the next morning they shold her balance negative that extra money plus over draft charges and her account was a safety DEBIT Account that is impossible to charge more then what’s in there meaning DEBIT. When approaching the banker they gave nothing answers in a circle and had no explanation that made sense. A DEBIT IS A DEBIT PERIOD. No money No charging decline is all you get. But yet they denied any extra cash in her account at anytime and went as far as to closing her account without any copies of the account she requested ,but was ignored. Well guess what same thing they did to me…..again talk to banker and had no answers. Now I made a payment on a secured USbank Visa of $90 I had and right away they charged the $90 as a cash advance, which i have nevered taken any sort of cash advance on this card . I have been fighting them since March of 2023 and yet they continue to keep charges interest and over draft fee on the card so I met with banker again didn’t do anything so I stopped paying any payments on it. We need someone to come in and help all of us getting swindled by USbank.

    1. Ulysses S Stover says:

      Same happened to me i refused to pay now its up to 1000 dollars when I was only over draft a 100 from them mixing my atm highest to lowest and not alerting me until a day later. Ellet branch in Alron Ohio

    2. Gary Dale Hare says:

      Help

  2. Di says:

    The same happened to me

    1. Steven Morales says:

      You know I thought something was wrong when I had 45,000 from selling one house and 75,000 left from selling another one my money seemed to be going quicker then me spending it.

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