U.S. Bank Overdraft Settlement Drags On

June 11, 2013
Minneapolis Star Tribune (MN) 
credit card news

Almost a year ago, U.S. Bank agreed to pay $55 million to settle accusations that it overcharged customers by reordering debit card and ATM overdrafts by size rather than when the overdraft occurred, but none of the at least 1 million customers affected by the practice has received a settlement notice. Although the Minneapolis-based bank has stopped the high-to-low sequencing of transactions, it is still weeding through data to determine which customers were affected and how much money they are entitled to. Customers charged excessive overdraft fees from 2004 to 2010 are covered by the settlement and will be notified if they will receive money. A spokesperson for U.S. Bank says it is working to swiftly get through the data.
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