Intrust Bank settles overdraft fee class action for $2.7 million

Posted on: February 2nd, 2012 by Steve Larson

Intrust Bank has agreed to pay $2.7 million to settle a class action lawsuit concerning overdraft fees.  Intrust was sued in Kansas state court on September 17, 2010, so this case was not sent to the MDL in Florida where many of the other overdraft fee cases are pending.  The complaint alleged that the bank posted checking account transactions in an order different from the order in which they were made, causing customers to incur additional and excessive overdraft fees.

The class in the suit includes all Intrust account customers who maintained an Intrust account while residing within the state of Kansas and who from October 1, 2005 to June 30, 2010, incurred more than one overdraft fee on a single banking day, at least one of which was on a debit card transaction.

A final fairness hearing on the settlement is scheduled for May 21, 2012.