Earlier on this blog, I reported that Judge King in the MDL proceedings in Florida had certified a nationwide class action against PNC Bank. Now, PNC Bank has agreed to settle the claims of its customers who contend it charged excessive overdrafts when it changed the method of posting debit transactions to largest to smallest. This is the latest in what is becoming a fairly large line of settlements.
Class Actions Blog
PNC Bank settles excessive overdrafts class action for $90 million
Posted on: June 29th, 2012 by Steve Larson
What I hate about this is that the settlement amount is finite, and unalterable. I know some people who received monies from the suit with National City Bank. Although the bank charged them hundreds or even thousands of dollars in overdraft fees, they only received 50-100 dollars each. The reasoning was that more people participated in the class action than was anticipated. I know that PNC robbed me of thousands of dollars in fees over the 15 years since I opened my account there. I wish I could expect only half my money back. It’ll probably be like 75 bucks. Woo hoo. Better than nothing I guess.