Www.CitizensOverdraftSettlement.com – Citizens Bank Overdraft Fee Class Action Lawsuit Settlement
You should be able to take part in Citizens Bank Overdraft Fee Class Action Lawsuit Settlement and get compensation if you had a debit card account at Citizens Bank and paid overdraft fees between January 1, 2002 to August 13, 2010. You can also take part if you had a Charter One debit card account from July 25, 2005 to August 13, 2010 and you paid overdraft fees. In addition, if you had a debit card account with Acquired Bank from January 1, 2002 to August 27, 2007, you are also eligible to take part if you were charged the fee. To get the compensation however, you must have had two or more fees that were charged to you on the same day. The only way that you can get compensation is if you submit a claim form which can download at the www.CitizensOverdraftSettlement.com site. The amount of the settlement is $137.5 million.
In order to file a claim form, you have to do a number of things. This includes reviewing your bank statements. The reason fo rthis is that you need to make sure that you were charged the overdraft fees. If you do not have this, then you will not be able to get the claims. The next step is for you to download and print out the claim form. Then you will need to complete Part A. This is if you were charged overdraft fees for 1, 2 or 3 days. You will complete Part B if you were charged the fees for 4 days or more than 4 days. You will have to submit this with your Claim Identification Form. When you list each fee, you must provide a bank statement that shows the transaction. You will also have to include the bank statement after the on which the fee showed up. You will then mail all your documents. If you are submitting online, you will then have to scan all your documents and upload it at the www.CitizensOverdraftSettlement.com site. The deadline to submit your claim form is May 6, 2013. No matter how many overdraft fees you may have had, you can only submit one claim form for each account that you have.
The original lawsuit that lead to this is called the In re: Checking Account Overdraft Litigation. The case number is 1:09-md-02036-JLK. The reason for the lawsuit is that the bak rearranged the transactions so that they appeared from the highest to the lowest dollar amount. The reason that the bank did this was to maximize the number of overdraft fees which were charged to the customers. In addition, instead of declining transaction if there was not enough money to cover the transaction, the bank allowed the transaction to go through. These transactions were processed in highest to lowest dollar amounts. This had the effect of increasing the fees that were charged to the customers.
Most bank charge fees if you overdraw your account. This means that you basically did not have enough money in your account to cover your transaction. Most of the time when you are charged this additional fee you are not aware of it. This is because even though you may have opted for an alert or notification when this happens, you are not checking your email or your messages. Also when the alert is sent out, it is already too late and you have already been assessed the fee. In addition, if you are not aware that you have overdrawn your account, you will continue to make the transactions if the bank lets the transactions go through. So your fees start adding up without you even being aware of what is going on.
If you are considered a class member, you should have received a notice in the mail. If you did not get the notice but believe that you are eligible, then you should fill out the claim form and submit it. However if you are still not sure, the best thing to do here is to contact the settlement administrator. The contact information can be found on the settlement website. It cannot be determined at this point exactly how much you will receive in compensation. It depends on the number of accounts that you had and the number of overdraft fees that you were charged in one day and the number of people who actually submit the claim forms.
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