Commerce Bank has reached an $18.3 million class action lawsuit settlement over allegations it charged customers improper overdraft fees. If you held a Commerce Bank consumer checking account between 2004 and 2012, you may be entitled to a cash payment from the class action settlement.
The Commerce Bank overdraft settlement will resolve allegations the bank posted debit card transactions during overnight processing in the order of highest-to-lowest dollar amount, which resulted in an increased number of overdraft fees assessed to customers.
Commerce Bank denies the allegations but has agreed to establish a class action settlement fund to resolve its portion of the litigation known as In re: Checking Account Overdraft Litigation, which includes similar allegations against at least 30 U.S. banks.
Class Members of the Commerce Bank overdraft fee settlement include:
- Anyone who has or had a Commerce consumer checking account that could be accessed with a debit card at any time between April 6, 2004, through and including August 16, 2012. For those members of the Settlement Class with an account that was opened in Illinois, the class period is April 6, 2000, through and including August 16, 2012; and
- Incurred an overdraft fee as a result of Commerce Bank’s practice of posting debit card transactions from highest to lowest dollar amount.
If the settlement is approved at the March 22, 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 6, 2000 and December 31, 2002 will need to submit a valid Claim Form by May 21, 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 Commerce Bank Overdraft Class Action Lawsuit Settlement can be found at www.CommerceBankOverdraftSettlement.com. Detailed instructions on how to file a claim can be found in our Open Class Action Lawsuits section.
UPDATE: Distribution of settlement checks occurred on Jan. 9, 2014, according to an update on the Settlement Administrator’s website.
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