Susquehanna Bank has asked Florida federal judge King for preliminary approval of a $3.7 million deal to settle a class action accusing the bank of charging excessive overdraft fees to customers by processing higher-dollar transactions first, which triggered a series of overdraft fees on small purchases.
The bank is asking the court to approve the deal, initially struck during mediation in December 2012, in which the bank admits no wrongdoing or liability but agrees to repay customers for fees they were charged when the bank processed transactions using a “high to low” scheme that caused them to accumulate multiple overdraft charges.
The settlement is another in a long chain of deals stemming from the multidistrict litigation involving dozens of banks named as perpetrators of the high-to-low scheme, according to court records.
