$110 MILLION OVERDRAFT CLASS ACTION SETTLEMENT WITH JP MORGAN CHASE FOR OVERDRAFT FEES

J.P. Morgan Chase has agreed to settle a $110 million class-action lawsuit filed by customers over the way the bank charges debit card fees. The lawsuit targeted the bank's practice of ordering transactions by largest to smallest, instead of chronologically, so as to maximize the amount of overdraft fees. As part of the settlement, Chase [...]

OKLAHOMA BANK SUED FOR OVERDRAFT (NSF) FEES

KRMG-AM Tulsa (8/25, Bishop) reported, "A class action lawsuit against the Bank of Oklahoma alleges the bank intentionally rips off its customers through overdraft fees. Plaintiffs' attorney Steve Stidham says that he expects other Oklahoma banks will come under fire" for similar actions. BOK attorneys "say they are confident Bank of Oklahoma is following the new law [...]

CLASS ACTION FILED AGAINST BANK FOR OVERDRAFT FEES

A class-action lawsuit filed this week against UMB Bank in Missouri claims that the bank unfairly manipulated account transactions in order to increase their overdraft fees. The lawsuit, among other things, alleges that the bank reorganized purchases from most expensive to least expensive as well as charged overdraft fees when a customer had not overdrawn [...]

Judge Denies Banks Motion to Dismiss NSF Overdraft Class Actions

A U.S. District Court judge in Miami dismissed a request by a group of banks to throw out a lawsuit that accuses the banks of manipulating overdraft fees and charging excessive penalties when customers overdraft on their debit cards. Judge James Lawrence King said in his decision that lawsuit has merit because it challenges the [...]