Court preliminarily approves excessive overdraft settlement with PNC Bank

Posted on: January 28th, 2013 by Steve Larson

FeeIn June, 2012, I reported that after Judge King in the MDL proceedings in Florida certified a nationwide class action against PNC Bank, the bank 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. On December 7, 2012, Judge King preliminarily approved the $90 million settlement.  There will be a Fairness Hearing to determine if the court will finally approve the settlement on May 17, 2013 at 11 a.m.