US Bank agrees to settle excessive overdraft fee class action for $55 million

Posted on: September 13th, 2012 by Steve Larson

Another bank has agreed to settle an excessive overdraft fee class action.  U.S. Bank announced that it will settle this class action for $55 million.  As I earlier wrote on this blog, there are dozens of cases against banks alleging the banks reordered debit card transactions from largest to smallest, rather than processing them in chronological order.  These cases were all transferred to Judge James Lawrence King in the Southern District of Florida.

Including U..S Bank, fourteen banks have now settled.  Bank of America Corp’s $410 million accord is the largest, followed by a $137.5 million settlement with Royal Bank of Scotland Group Plc’s Citizens Financial unit and a $110 million settlement with JPMorgan Chase & Co.

US Bancorp’s settlement requires approval by U.S. District Judge King in Miami.