Bank of Oklahoma settles overdraft fee class actions

Posted on: December 8th, 2011 by Steve Larson
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BOK Financial Corporation has entered into a $19 million settlement on three class action lawsuits that targeted the way the bank handled electronic debit transactions and overdraft fees.

A lawsuit initially was filed against BOK Financial Corporation and Bank of Oklahoma in August 2010, alleging that the bank manipulated the order of customers’ electronic debit transactions to maximize overdraft fees.  The complaint alleged that BOK reordered electronic debit transactions from the highest dollar amount to the lowest dollar amount, which depleted the customers’ available funds as quickly as possible and maximized the number of overdraft fees.

Two of the lawsuits were brought in the District Court of Tulsa County.  The third action, originally brought in the U.S. District Court for the Western District of Oklahoma, was transferred to the Multi-District Litigation in the Southern District of Florida.

The settlement applies to BOK Financial and its seven market banks – Bank of Oklahoma, Bank of Albuquerque, Bank of Arkansas, Bank of Arizona, Bank of Kansas City, Bank of Texas, and Colorado State Bank and Trust.