If You Paid Overdraft Fees to Compass Bank,
You May Be Eligible for a Payment from a Class Action Settlement 1.
An $11.5 million Settlement has been reached in a class action lawsuit about the order in which Compass Bank (“Compass”) posted Debit Card Transactions to consumer deposit accounts, and the effect the posting order had on the number of Overdraft Fees the bank charged its account holders. Compass maintains there was nothing wrong about the posting process used. The Court has not decided which side is right.
If you received notice of the Settlement by a postcard addressed to you, then you are a Settlement Class Member. But even if you did not receive a postcard, you may be a Settlement Class Member. You are a member of the Settlement Class if you had a Compass consumer deposit account that you could access with a Compass Debit Card anytime between January 1, 2004 and August 15, 2010; and/or had a consumer deposit account at an Acquired Bank that you could access with a Debit Card during some time period between January 1, 2004 and June 11, 2010; and were charged one or more Overdraft Fees as a result of posting Debit Card Transactions from highest to lowest dollar amount.
Automatic payments will be made to eligible Settlement Class Members who do not opt out of the Settlement. Additionally, non-automatic payments will be made to eligible Settlement Class Members who were charged Overdraft Fees during the time periods for non-automatic payments due to posting of Debit Card Transactions from highest to lowest dollar amount may receive payments from the Settlement by submitting a Claim Form. The Claims Period for former holders of accounts at the Acquired Banks includes the period from January 1, 2004 through June 11, 2010.
If you would like further information about the claims asserted in this case, you can review a copy of the Settlement Agreement here.
1 All capitalized terms herein have the same meanings as the defined terms in the Settlement Agreement, a copy of which may be found on this website.