Major Bank Handing $155,800,000 To Customers In Long-Awaited Overdraft Fee Settlement
Truist Bank will distribute $155.8 million to Georgia customers to settle a lawsuit over allegedly illegal overdraft fees.Summary
Truist Bank, formerly SunTrust Bank, has agreed to a settlement of up to $240 million, with $155.8 million earmarked for customers, to resolve a 2010 class-action lawsuit. The suit alleged that the bank charged illegal overdraft fees that violated Georgia’s usury laws. The case, originally filed by Jeff Bickerstaff Jr., focused on refunds for overdrafts of $500 or less from ATM or debit transactions between July 12, 2006, and April 15, 2014.
Eligible claimants include Georgia residents who paid unrefunded overdraft fees during the specified period. Payments will be distributed on a pro rata basis after deductions for attorney fees, expenses, and administration costs. Any unclaimed funds will revert back to Truist Bank.
The bank maintains it has not engaged in any wrongdoing but chose to settle the litigation. Preliminary approval of the agreement was granted last month, and a claim filing deadline will be announced upon final approval.
(Source：The Daily Hodl)