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U.S. Bank Agrees to Pay $55M to Settle Overdraft Fees Litigation

MIAMI — (Mealey’s) U.S. Bank NA on July 24 agreed to pay $55 million to exit a multidistrict litigation in which class members allege that several banks manipulated the order of debit card transactions to maximize checking account overdraft fees ( In Re: Checking Account Overdraft Litigation...

CFPB Raises Concerns About Overdraft Fees

by Theodore (Ted) J. Greeley In a July 31, 2014 Data Point, the Consumer Financial Protection Bureau (CFPB) concluded that consumers who opt in to overdraft services for debit card and ATM transactions put themselves at a “serious risk when using their debit card.” The Data Point is based...

North Carolina Business Court: High to Low Posting of ATM Debit Card Transactions Properly Disclosed by Bank

The meaning of the word "item" was the definitive factor in the Business Court's decision last week in Gay v. People's Bank , 2015 NCBC 59 [ an enhanced version of this opinion is available to lexis.com subscribers ]. The case was an attempted class action involving claims against...