BOK Settles Overdraft-Fee Lawsuits

November 24, 2011
Tulsa World 
overdraft news

BOK Financial Corp. has entered into a $19 million settlement on a trio of class-action lawsuits that challenged the bank's handling of electronic debit transactions and overdraft fees. The Tulsa-based company said in a Nov. 23 statement that it chose to settle the lawsuit and resolve the litigation to circumvent any additional expense or distraction it has caused. The initial lawsuit, filed against BOK Financial and Bank of Oklahoma in August 2010, alleged that the bank altered the order of customers' electronic debit transactions to increase the number of overdraft fees. According to the complaint, BOK allegedly reordered electronic debit transactions from the highest dollar amount to lowest dollar amount, which wiped out customers' available funds as quickly as possible and maximized the number of overdraft fees.
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