Were you a Union Bank customer? Were you also moved to the new name U.S. Bank (because Union Bank is now U.S. Bank)? If the answer is yes, you could receive a one-time payment from a $5 million overdraft agreement! And best of all, you don’t even need to complete a claim!
Union Bank has settled a class action lawsuit, and the deadline to receive the money is fast approaching. The $5 million lawsuit was filed because the bank was accused of unfairly charging overdraft fees on debit transactions that had allegedly been authorized with sufficient funds. Yes, you read that right, they were overcharging you even if you had money in your account!
What’s This Class Action Settlement About? Am I Eligible?
This applies to account holders who were affected between October 19, 2013 and February 28, 2019. If you are one of them, you could receive compensation. The lawsuit alleged that MUFG Union Bank imposed overdraft fees on transactions it had previously approved with a positive balance, which goes against its own account agreements!
Although MUFG Union Bank has not admitted to wrongdoing, they decided to reach an agreement to resolve the matter. So, according to the terms of the agreement, eligible group members can receive compensation based on the amount they paid in overdraft fees during the specified period. The average payment is expected to be $40.16 per person!
What Do You Have to Do to Get the Cash?
Here’s the best part. You’ve gotta do nothing! Class members do not need to submit a claim form to benefit from the settlement. Just make sure to keep an eye out for important dates. The deadline for exclusion and objection is June 25, 2024, and the final approval hearing is scheduled for July 25, 2024.
MUFG Union Bank was bought by US Bank in 2021. So, if you were with Union Bank during the mentioned period, and now you are with US Bank, you may also qualify for this refund.
Key Facts of This Class Action Settlement
- Class Action Settlement: A settlement has been reached in a class action lawsuit alleging that MUFG Union Bank, now part of US Bank National Association, breached its contract with account holders by improperly charging APSN fees on certain debit card transactions.
- Improper Collections: If you were charged overdraft fees on a Union Bank consumer checking account from October 19, 2013 through February 28, 2019, you may be entitled to a payment or credit as a result of a class action settlement.
- Bank Liability: The bank denies that it acted improperly, but has agreed to a settlement to avoid the costs, delays and uncertainties of litigation. The Court has not decided which side is right.
- Settlement Fund: A $5,000,000 fund has been established to pay settlement class members, as well as legal fees and costs and any Court-ordered incentive awards.
- Eligible account Holders: Current and former account holders who were charged by APSN fees may be eligible for a payment from the settlement fund.