Harris Bank Overdraft Fee Class Action Settlement
By Kimberly Mirando
BMO Harris Bank has reached a $9.4 million class action lawsuit settlement over allegations it manipulated debit card transactions in order to rack up overdraft fees. If you held a Harris Bank consumer deposit account between 2000 and 2012, you may be entitled to a cash award from the class action settlement.
The Harris Bank overdraft settlement will resolve allegations the bank reordered debit card transactions from highest to lowest dollar amount in order to increase the number of overdraft fees assessed to customers. The settlement is one of dozens reached in a massive consolidated action known as In re: Checking Account Overdraft Fee Litigation against 30 of the nation’s largest banks.
Bank of America, Chase and PNC are just some of the banks that have agreed to settle their portion of the case, resulting in millions of dollars in repayments to banking customers.
Plaintiffs in the class action lawsuit alleged that instead of declining transactions when an account had insufficient funds, Harris Bank authorized the transactions and then proceeded to process them from highest to lowest dollar amount in order to increase the number of overdraft fees the bank charged its customers.
Harris Bank denies the allegations but has agreed to a class action lawsuit settlement to resolve the litigation.
Class Members of the Harris Bank settlement include anyone who:
- Had a Harris Bank consumer deposit account that was opened anywhere other than in Illinois and accessible with a Harris debit card between April 23, 2004 and October 4, 2012; or
- Had a Harris Bank consumer deposit Account that was opened in Illinois and accessible with a Harris Bank debit card between April 23, 2000 and October 4, 2012; and
- Were charged one or more overdraft fees as a result of Harris Bank’s practice of posting debit card transactions from highest to lowest dollar amount.
If the settlement is approved at the April 19, 2013 Final Approval Hearing, Class Members can receive a cash payment based on the number of improper overdraft fees they were assessed and how many valid claims are filed.
Class Members who had accounts opened in Illinois and incurred eligible overdraft fees between April 23, 2000 and September 4, 2003 will need to submit a valid Claim Form by June 18, 2013 in order to receive a payment. All other Class Members will automatically receive a payment if the class action settlement is approved.
Claim Forms and more information on your rights in the Harris Bank Overdraft Class Action Lawsuit Settlement can be found at www.HBOverdraftSettlement.com.
Updated March 14th, 2013
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