Bank of Oklahoma Settles Overdraft Fee Suit for $19M
Bank of Oklahoma NA will pay $19 million to settle multidistrict litigation claiming it improperly collected overdraft fees from its customers.
The overdraft fee lawsuit claimed the bank sequenced customer ATM and debit card transactions from highest to lowest - rather than processing the transactions in chronological order, according to Law360 (subscription required). Processing a customer’s account activity this way caused the banks to collect more overdraft fees because it depleted customers' funds more quickly.
The bank is one of many that have had to settle overdraft fee lawsuits in recent months. Bank of America NA settled similar litigation for $410 million last year and JP Morgan settled a lawsuit for $110 million in February 2012, according to Law360.
If you or a loved one has been charged excessive overdraft fees, call Sokolove Law for a free legal consultation on consumer fraud. For legal help, call (800) 581-6358.