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Preliminary $12 Million Settlement Reached in Overdraft Class Action

Washington, DC: A tentative $12 million settlement has been approved by a federal judge in the class action brought by National City Bank customers who were wrongfully charged for overdrafts.

The lawsuit charged that National City, now owned by PNC, had reordered debit transactions in a manner that depleted available funds as quickly as possible to increase overdraft fees, improperly charged overdraft fees on debit card transactions and provided false information about account balances.

Settlement class members will receive $36 for each an eligible overdraft charge incurred on debit transactions between July 2004 and August 2010, if the settlement receives final court approval.

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Last updated on Jan-12-11