Checking Account Overdraft Litigation
Banks across the United States have imposed millions of dollars of unwarranted debit card overdraft fees on their customers by manipulating the order in which they post debit transactions to customers' accounts. The practice of reordering debit transactions is the subject of pending litigation against more than 30 of the country's largest banks (see list below). Investigation of similar practices by other banks is ongoing. One of the defendant banks, Bank of America, recently agreed to a $410 million settlement, which was preliminarily approved by the court on May 24, 2011.
Case No. 09-MD-02036-JLK (S.D. Fla.)