Susquehanna Bank Abusive Overdraft Fees Class Action Lawsuit
Consumers have filed a nationwide class action lawsuit against Susquehanna Bank for the alleged unfair and illegal assessment and collection of excessive overdraft fees.
Susquehanna Bank's Alleged Fraud
The complaint charges that Susquehanna Bank does not record charges and purchases on ATM or debit cards in the order they actually occurred. Instead, Susquehanna 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.
Susquehanna 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 December 21, 2012, the parties filed a Notice of Settlement with the court, tentatively settling the case for $3.68 million. The settlement has not yet received approval from the Court. Please check this site again for updates.