Associated Bank Overdraft Class Action Settlement Approved
By Mike Holter
UPDATE 10/7/13: Class Counsel has confirmed with Top Class Actions that eligible Class Members will receive their account credits on October 9, 2013. Former account holders will receive their credit via a mailed check. Find out more.
A federal judge on Friday granted final approval to a $13 million class action lawsuit settlement between Associated Bank and customers who were charged improper overdraft fees.
On August 2, U.S. District Judge James Lawrence King approved the class action settlement as fair and reasonable, drawing an end to a 2010 class action lawsuit accusing Associated Bank of manipulating customers’ checking account transactions in order to trigger overdraft fees. In addition, plaintiffs alleged Associated Bank chose not to decline transactions that would incur an overdraft fee and failed to adequately disclose to customers that they could opt out of overdraft protection.
Associated Bank denies any wrongdoing but agreed to a class action lawsuit settlement in 2011.
Class Members of the Associated Bank overdraft settlement include all customers who had a consumer deposit account with the bank that was:
- Opened anywhere other than in Illinois and accessible with an Associated Debit Card between January 1, 2004 through July 26, 2012; or
- Opened in Illinois and accessible with an Associated Debit Card between April 2, 2000 and July 26, 2012; and
- Was charged one or more overdraft fees as a result of the bank’s practice of posting debit card transactions from highest to lowest dollar amount.
There is no claim filing process for the Associated Bank overdraft class action settlement; Class Members will automatically receive a cash award credited to their account (if they’re a current customer) or mailed to them as long as they did not opt out. The amount of your payment cannot be determined at this time, but will be based on a number of factors, including how many overdraft fees you incurred and how many Class Members remained in the settlement.
Payments or account credits will be issued after any appeals that may be filed are resolved.
More information on your rights in the Associated Bank Overdraft Class Action Lawsuit Settlement can be found at www.ABOverdraftSettlement.com.
The case is In Re: Checking Account Overdraft Litigation, Case No. 09-cv-02036, U.S. District Court, Southern District of Florida.
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