Overdraft Fee Lawsuit Settled for $90M

PNC Bank will pay $90 million to settle a class-action lawsuit that accuses the bank of re-ordering debit-card postings in order to levy additional overdraft charges on its customers.

The suit states that the bank’s computers would sequence a customer’s ATM and debit card transactions from highest to lowest – rather than the order the charges were initiated and authorized — thus triggering an overdraft in a customer’s account, according to the Philadelphia Business Journal. The bank charges customers each time they overdraw their account and manipulating the transactions allowed it to roll up more revenue from overdraft fees.

The settlement is pending before U.S. District Judge James Lawrence King in Miami. The multidistrict litigation involves 30 banks, according to the Business Journal.

If you think you were a victim of unfair overdraft fee policies, contact Sokolove Law for a free legal consultation and to find out if a consumer fraud lawyer may be able to help you.

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