Compass Bank Abusive Overdraft Fees Class Action Lawsuit
Consumers have filed a nationwide class action lawsuit against Compass Bank for the alleged unfair and illegal assessment and collection of excessive overdraft fees.
Compass Bank's Alleged Fraud
The complaint charges that Compass Bank does not record charges and purchases on ATM or debit cards in the order they actually occurred. Instead, Compass Bank reorders the charges and purchases so that the largest charge or purchase is the first one paid by the bank. This manipulative practice is intentionally designed, the complaints allege, to maximize overdraft fee revenue.
Compass Bank's overdraft fee collection practices have impacted millions of Americans. In many instances, the overdraft fees cost customers hundreds of dollars in a matter of days, or even hours, when they may be overdrawn by only a few dollars. A series of small transactions over a weekend can result in hundreds of dollars in bank charges.
On March 18, 2013, the Court granted preliminary approval to a settlement of $11.5 million. Complete information on the Compass Bank overdraft settlement can be obtained on the official settlement website, www.compassbankoverdraftsettlment.com or by calling 1-877-835-0549.