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Following Suit: Overdraft Fees Lawsuit Update

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Overdraft fees lawsuits allege that banks and financial institutions charge excessive overdraft fees to consumers and further that the banks reorder credits and debits to push customers into their overdraft, increasing the fees they can charge.

In March 2014, Synovus Financial Corp. agreed to pay $24 million to settle lawsuits alleging the company charged excessive overdraft fees on debit card purchases or ATM cash withdrawals. Synovas did not admit liability in the settlement.

In January 2014, the court gave final approval to a settlement involving U.S. Bank. As part of the settlement, U.S. Bank agreed to pay $55 million to settle allegations that it reordered debit card transactions to draw down customer accounts and increase the fees it could charge. Approximately 2.7 million people were reportedly affected by the settlement.

Also in 2014, a lawsuit was filed against TD Bank NA, alleging the bank continues to reorder debit card transactions to increase overdraft fees. The lawsuit was filed less than a year after the bank paid $62 million to settle similar allegations.

In October 2013, a judge allowed a class-action lawsuit against Umpqua Bank, alleging the bank’s practice of reordering transactions to increase debt fees violated California’s Unfair Competition Law.

In 2013, Wells Fargo was ordered to pay $203 million to settle allegations that it misled customers regarding the posting of debit card purchases by telling customers the transactions would be posted chronologically when they were in fact posted from largest to smallest, increasing overdraft fees. At the time the federal court reinstated an earlier court’s award, Wells Fargo said it would appeal the decision.

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READER COMMENTS

Posted by

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I never knew there was a law suit against Wells Fargo for the overdraft fees. I was with them for 18 years and had to suffer over the fees. Just left them recently because of the way I was treated by the employees, when I asked about certain fees and charges.

Posted by

on
I never knew there was a law suit against Wells Fargo for the overdraft fees. I was with them for 18 years and had to suffer over the fees. Just left them recently because of the way I was treated by the employees, when I asked about certain fees and charges.

Posted by

on
Bank of North Georgia this year from January 2015 to April 2015 took 3,777.00 out of my account causing financial devastation to the point I had to file Chapter 7 They had my account so overdraft they took state refunds and entire paychecks. I could not even buy groceries.

Posted by

on
I didn't get anything, they sent me a card in the mail when they first started the law suit but I never heard anything else.

Posted by

on
I GOT A WHOLE $3...WHAT AN INSULT

Posted by

on
I would like to be a part of this class action lawsuit as Wells Fargo has charged my accounts with thousands of dollars in Over Draft fees from 2004 until 2013. They have not sent me anything in the mail regarding any class action law suits.

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