Trustmark Settles Suit Over Fees

December 26, 2013
Jackson Free Press (MS) 
overdraft news

Consumers harmed in recent years by Trustmark National Bank's overdraft policies could soon receive a windfall. The bank, without admitting wrongdoing, this fall settled charges that it manipulated the processing order of customer debit transactions in order to generate and maximize overdraft fees.

Now, notices are beginning to trickle in to people who had a Trustmark account and debit card, to alert them of their possible eligibility for a piece of the settlement pie. Members of the settlement class ultimately will carve up $4 million among them. The agreement adds the Trustmark name to the list of financial institutions -- including Bank of America, Chase Bank, and Bancorp South -- that have been hit with similar class actions, with similar results.

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