A billion-dollar US bank is preparing to shell out $1 million to settle a class-action lawsuit over certain fees charged to customers.
The stock bank has Agreed To settle a lawsuit alleging that the financial institution improperly charged certain overdraft fees and non-sufficient funds fees to account holders between January 1, 2017 and November 21, 2025.
Alleged improper fees include overdraft fees charged on debit card transactions that were authorized to a sufficient available balance and settled in the authorized amount, overdraft or non-sufficient funds fees charged on the second or third submission of the same item, and overdraft fees charged on days in which the end-of-day balance was not withdrawn.
Bank account holders, who do not need to file a claim to receive funds, will receive a portion of the settlement proceeds on a pro rata basis based on the amount of the alleged improper charges they paid, after deducting attorneys’ fees and expenses, as well as notice and administration costs.
As part of the settlement, Equity Bank denies any wrongdoing.
Equity Bank also agreed to waive $225,000 in uncollected fees that were charged.
The court is expected to give final approval to the settlement on June 29.
Equity Bank is headquartered in Kansas and has $7.9 billion in assets under management.
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