comments
Citizens Bank Overdraft Fee Settlement
Email
 Print
|
Citizens Bank is the latest bank to reach a settlement for overdraft fees, a wave of settlements that started sometime last year. The Bank of America settlement and Fifth Third Bank settlement had previously been covered here. Citizens Bank, along with many other banks, was accused of reordering customers’ transactions in order to maximize overdraft fee revenue, a common tactic used a few years ago in order to increase fee revenue. Citizens Bank is the 13th bank to reach a settlement.
Citizens Bank will pay $137.5 million to settle the lawsuit (In re Checking Account Overdraft Litigation, case number 09-cv-02036 in Miami). I’ll update with settlement details, how you can get your fair share of the settlement, and website information as soon as the settlement is approved and those details are made clear. Right now, the settlement hasn’t been approved so there’s really no point is reviewing the details because they could change at a later date.
If it’s anything like the Bank of American settlement, it’ll take several months before the settlement is approved and even longer to figure out how much each person gets. At this point, the only thing to do is wait (and decide if you want to opt out). In the case of Bank of America, payments and account credits were automatically issued from the settlement fund after Court-approved disbursements were remove, for laywers and the like. Citizens is a much smaller bank but the settlement fund is smaller too, $137.5 million for Citizens versus $410 million in the BoA fund.
{ 87 comments, please add your thoughts now! }Related Posts
 By Jim |
 Stumble It! Bookmark reddit.comTags: May 15, 2012 | Read more in Banking |
Like this article? Get all the latest articles sent to your email for free every day. Enter your email address and click "Subscribe." Your email will only be used for this daily subscription and you can unsubscribe anytime.
what is the purpose of these cards being sent out and people go to the web site and its bull shit. I think this is another scam.
True we will not get alot of money per claim, but those bastards will get hit hard, not hard enough, but it will hurt their bottom line. I got hit to the tune of about $375/yr. and it caused much grief and many arguments in our home. Thank you chase bank, should have switched a long time ago.I reccomend chase to everyone i can, so PLEASE!!! never get like these guys.
What a joke… Switch banks
Leave it to another bank to screw over its customers anyway that it can. I am glad that they got what is coming to them Citizens has always had shady practices and do things on the sly without letting people know. Suck it up and do the right thing for a change for the customers that used your services!
the powers that be is in bed with the bankers
i paid thousands in over draft fees
what a joke i will let everybody know just how b of a riped or raped i got
i would like to know more about this lawsuit without hiring an attorney. thankyou
I called that number from my card I was sent in the mail.never received anything in the mail after a month. Am I automatically involved with this or is there something I am supposed to do?
I like everyone else have been Riped off by Charter ONe with overdraft fees, I also called the number on the card, I was told I should get a claim form in the mail, Never Got One, not sure what is going on with these banks, I would like to know when the Claim Form will come out. What do I do? This is so bad to do people like this, you work so hard for your money and the Bank takes it away,I see why some people loose it, because you work too keep what you have. What a Shame, what a way to run a Banking Business, why do we need Banks to get Riped off.
Mar , im glad that justice was sered , they got this stuff on my credit report because i refused to pay them because it was their fault,,,so good for us maybe we can get our money back.
I am so glad we have a lawsuit. This was happening every other week to me. I argued with them all the time. I would tell them they had a legal right to still cause they would tell me I signed the contract. I was so behind in my bills because of this and never fully recovered. Thank God they were stopped because all I would say to them is they had a legal right to steal cause they stold a lot of my money a hell of alot
Does anyone know what happened at the Citizens final settlement hearing on March 7,2013 at the United States District Court for Southern District of Florida?This was supposed to be the hearing where they were supposed to finalize the 137million dollar payout they agreed on.
it was approved payments will be received sometime after may6
I agree Charter was a bank robber. M y husband close his account because he was so overdrafted,and even after that they let direct debits came in for 4 months he was so overdrafted he end up paying more than a $1000 in fees. They are Bank’s Robbers. And they should be made too refund ours money before we all die. That a nother trick they use, “let take 6 months to refunds the people , maybe the older ones will die and we still win” they took lest that 30 seconds to charge you the fees.
The 137Million dollar settlement is in. How bout sending the money. I call everyday so maybe they’ll get tired of me and send mine!
when will checks be sent out ?
CALL THE NUMBER ON THE CARD YOU RECEIVED EVERYDAY AND PERHAPS THEY WILL DISPERSE OUR FUNDS!!! I DO!!
THEY WILL REFER YOU TO A WEBSITE WHICH TELLS YOU WHAT YOU ALREADY KNOW. TELL THEM YOU’LL JUST CALL AGAIN TOMORROW AND DO IT!!!
still nothing !!! does anyone know the status ?
They are still doing it. They post a debit transaction one day then they will repost it the next day after other items were posted causing more overdraft fee’s. I guess they want to be sued again.