US Bancorp Settles Overdraft Fee Suit for $55M

US Bancorp will pay $55 million to settle overdraft fee lawsuits that claimed the bank charged its customers unwarranted overdraft fees.

This settlement is a part of nationwide customer litigation against more than 30 banks over fees charged when customers overdraw their bank accounts, according to Reuters. The overdraft fee lawsuits accuse the banks of reordering transactions so that a customer’s largest withdrawals are processed first, instead of being processed in chronological order. This causes a customer’s bank account balance to decrease more quickly, leading to more overdraft fees.

So far, 14 banks—including Bank of America and JP Morgan Chase & Co. — have settled lawsuits.

If you or a loved one has been charged excessive overdraft fees, contact Sokolove Law for a free legal consultation and to find out if a consumer fraud lawyer may be able to help you. For legal help, call (800) 581-6358.

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