U.S. Bancorp settles overdraft fee suits

Financial institution agrees to pay $55 million

Some U.S. Bancorp customers may consider themselves victorious. The financial institution, one of the 10 largest U.S. banks, has agreed to pay $55 million to settle suits accusing it of applying excessive overdraft fees on its customers.

Millions of customers brought the lawsuits, which accused banks of ordering transactions from largest to smallest rather than processing them chronologically. The practice allowed banks to charge overdraft fees sooner and more often as customers’ bank accounts emptied more quickly.


Cathleen Flahardy

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