The US Bank has paid hundreds of millions to resolve allegations of illegal charges for overdrafts.
Customers of SunTrust Bank in Georgia, now known as Truist Bank will be able to share the settlement fund that has been long awaited.
This deal settles a class action lawsuit filed in 2010 alleging that the bank had charged excessive overdraft charges, which constituted illegal interest under Georgia’s usury law.
The case was originally filed by Jeff Bickerstaff Jr. in 2014. He died in 2014. It sought to refund fees for overdrafts up to $500 from debit or ATM transactions.
Georgians who have paid overdraft fees that were not refunded between July 12, 2006 and April 15, 2014 are eligible for the class.
Settlement amount: $240 Million total. $84.2 million of that will be used to cover attorneys’ fees and expenses as well as administrative costs, while the remaining $155.8 millions is for consumers.
The net amount after deducting the claims is used to calculate payments. Truist will return any unclaimed funds.
The bank claims it has settled the litigation to avoid any further legal action.
After the agreement’s final approval, the filing deadline will be revealed.
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Sources of Images include Pixabay Creative Commons & Midjourney
As new information becomes available, this post Major Bank Pays Overdraft Fees To Customers For A Long-Awaited Settlement of $155,800,000. This article may change as the situation evolves.
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