FAQ

  1. ABOUT THESE FAQs
    These FAQs (answers to frequently asked questions) summarize the lawsuit, the Settlement, your legal rights, the benefits available, who is eligible for those benefits, and how to get them. For a more detailed and precise explanation of your legal rights and options, you can review the Settlement Agreement here.
  2. WHAT IS THE STATUS OF MY PAYMENT?

    Eligible Settlement Class Members who have open Accounts at Compass Bank and are entitled to Settlement payments will receive them by account credit on January 8, 2014.

    Eligible Settlement Class Members who no longer have Accounts with Compass Bank and are entitled to Settlement payments will receive them by check. Check mailing occurred on January 10, 2014. Please be patient in waiting for your check to arrive.

  3. WHY DID I RECEIVE A CHECK OR CREDIT?

    Pursuant to the terms of the Settlement, Settlement Class Counsel and their experts determined that you were an eligible Settlement Class Member who previously incurred eligible Overdraft Fees (see Question 19).

    If your Compass Bank Account is currently open, you received an account credit on January 8, 2014. If your Compass Bank Account has been closed, a check was mailed to you. The account credit or check you received represents your portion of the Settlement.

  4. WHY DIDN’T I RECEIVE A CHECK OR CREDIT?

    If you received postcard notice but did not receive a check, then you are not eligible for a payment under the Settlement because your Account was closed with a negative balance and the amount of the payment that would otherwise be provided for in the Settlement was insufficient to make the balance in that Account positive.

    If you have an open Compass Bank Account, please make sure to double check your account statement and/or online banking for a credit that may have been applied by Compass Bank on January 8, 2014.

  5. HOW WAS MY PAYMENT CALCULATED?

    Award calculations were done separately for each individual Settlement Class Member using that class member’s own Account and Overdraft Fee history and applying the formula set forth in the Court-approved Settlement Agreement. Not every Overdraft Fee that was charged is eligible for payment under this Settlement; in general, only those Overdraft Fees that would not have been assessed but for the high to low posting order were eligible for compensation under the Settlement. Only a small percentage of all Overdraft Fees charged to Compass Bank (see Question 19) customers were affected by high to low posting. And, of the Overdraft Fees that were eligible, only a portion or a percentage of those fees is payable to each Settlement Class Member as their pro rata share of the Net Settlement Fund.

    The Settlement Agreement is available here and describes, in detail, the calculation and allocation of Settlement Funds.

  6. CAN I DISPUTE MY AWARD OR RECEIVE MORE MONEY?

    No. The deadline to object to the Settlement was June 6, 2013. The Court approved the Settlement on August 1, 2013 (see Question 27).

  7. HOW DO I DEPOSIT MY CHECK THAT SAYS “FOR DEPOSIT ONLY”?

    If your Settlement check is for $100.00 or more, it has a “for deposit only” restriction as a fraud prevention measure. If you are unable to deposit the Settlement check into your bank account and/or unable to cash the check at another bank or check cashing agency, you may request that a replacement check be issued to you without the ‘For deposit only’ restriction.

    To request a replacement check, please return the original check to the Settlement Administrator at Compass Bank Overdraft Settlement, PO Box 4087, Portland, OR 97208-4087, accompanied by a signed written request asking that a replacement check be issued and mailed to you. Please include an instruction that the replacement check be issued to you without the ‘For deposit only’ restriction.

  8. HOW CAN I RECEIVE A NEW CHECK IF I LOST MINE?

    If you have lost the Settlement check, you may request that a replacement check be issued and mailed to you. To request a replacement check, you must submit a signed written request to the Settlement Administrator at Compass Bank Overdraft Settlement, PO Box 4087, Portland, OR 97208-4087, asking that a replacement check be issued and mailed to you. The replacement check will be issued and mailed to you.

  9. HOW CAN I HAVE MY CHECK REISSUED UNDER A NEW NAME (e.g. LAST NAME CHANGE)?

    First, please go to your financial institution in which you are a current account holder as they may cash or deposit the check if the documentation regarding the status of your name change is presented.

    If your bank will not cash or deposit your check, please return the original check to the Settlement Administrator at Compass Bank Overdraft Settlement, PO Box 4087, Portland, OR 97208-4087, accompanied by a signed written request asking that a replacement check be issued and mailed to you. Please include instructions for the name that should be included on the replacement check. You do not need to provide documentation for the name change.

  10. WHEN WILL MY CHECK BE REISSUED?

    The check will be reissued within 3 to 4 weeks after the Administrator receives the written request and any required supporting documents.

  11. CAN YOU UPDATE MY ADDRESS AND RE-MAIL MY CHECK?

    Yes. Please send a letter requesting a reissuance of your check, which includes your former and current mailing addresses to Compass Bank Overdraft Settlement, PO Box 4087, Portland, OR 97208-4087.

  12. WHAT DO I DO IF THE PERSON ON THE CHECK IS DECEASED?

    First, please go to your financial institution in which you are a current account holder as they may cash/deposit the check if documentation regarding the status of the account holder and your status as the beneficiary/executor is presented.

    If your Settlement check is for $100.00 or greater and your bank will not cash the check, please return the original check to the Settlement Administrator, along with a letter of instruction, proof of beneficiary/executor and proof of death of the person named on the check (i.e., copy of death certificate).

    If your Settlement check is for an amount less than $100.00 and your bank will not cash the check, please return the original check to the Compass Bank Overdraft Settlement, PO Box 4087, Portland, OR 97208-4087, along with a request letter, signed under penalty of perjury, declaring that you are lawfully designated to receive the funds on behalf of the deceased class member.

    Please send the original check, written reissue request, and any supporting documentation to Compass Bank Overdraft Settlement, PO Box 4087, Portland, OR 97208-4087.

  13. WHAT DO I DO IF THE PERSON ON THE CHECK IS NOW UNDER GUARDIANSHIP/GAVE ME POWER OF ATTORNEY?

    First, please go to your financial institution in which you are a current account holder as they may cash/deposit the check if documentation regarding the status of the claimant and your status as the guardian/power of attorney is presented.

    If your Settlement check is for $100.00 or greater and your bank will not cash the check, please return the original check to the Compass Bank Overdraft Settlement, PO Box 4087, Portland, OR 97208-4087, along with a letter of instruction and proof of guardianship or power of attorney.

    If your check is for an amount less than $100.00 and your bank will not cash the check, please return the original check to the Compass Bank Overdraft Settlement, PO Box 4087, Portland, OR 97208-4087, along with a letter, signed under penalty of perjury, declaring that you are lawfully designated to receive the funds on behalf of the class member.

    Please send the original check, written reissue request, and any supporting documentation to Compass Bank Overdraft Settlement, PO Box 4087, Portland, OR 97208-4087.

  14. CAN I REQUEST A CHECK INSTEAD OF AN ACCOUNT CREDIT?

    No. The Settlement Agreement specifies what categories of Settlement Class Members received an account credit or a mailed check. In general, Settlement Class Members who no longer have an Account received a mailed check, and Settlement Class Members who currently have an Account received an account credit.

  15. WHAT IS THIS LAWSUIT ABOUT?

    The lawsuit concerns whether Compass posted Debit Card Transactions in order from highest to lowest dollar amount to maximize the number of Overdraft Fees assessed to its customers. The lawsuit claims that, instead of declining transactions when an account had insufficient funds to cover a purchase, Compass authorized the transactions and then processed them in highest to lowest dollar order, which had the effect of increasing the number of Overdraft Fees the bank charged its customers.

    The complaint in the lawsuit is posted on this website and contains all of the allegations and claims asserted against Compass. Compass maintains there was nothing wrong about its approval of transactions or the posting process used.

  16. WHAT IS AN OVERDRAFT FEE?

    An Overdraft Fee is any fee assessed to an Account when paying an item at a time when the Account has insufficient funds to cover the item. Fees charged to transfer balances from other Accounts are excluded.

  17. WHY IS THIS A CLASS ACTION

    In a class action, one or more people called “Class Representatives” (in this case, one Compass Bank customer who was assessed Overdraft Fees) sue on behalf of themselves and other people with similar claims. Together, all the people with similar claims (except those who exclude themselves) are members of a “Settlement Class.”

  18. WHY IS THERE A SETTLEMENT?

    The Court has not decided in favor of the Plaintiff or Compass. Instead, both sides have agreed to a Settlement. By agreeing to the Settlement, the Parties avoid the costs and uncertainty of a trial, and Settlement Class Members receive the benefits described in this website. The proposed Settlement does not mean that any law was broken or that Compass did anything wrong. Compass denies all legal claims in this case. Class Representatives and their lawyers think the proposed Settlement is best for everyone who is affected.

  19. WHO IS INCLUDED IN THE SETTLEMENT?

    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, as described below.

    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 from January 1, 2004 through August 15, 2010; and/or

    · Had an consumer deposit account at an Acquired Bank that you could access with a Debit Card during some time period from January 1, 2004 through 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.

    · To be included in the Class, you must have had two or more Overdraft Fees caused by debits posted to your account on a single day during the time period listed above.

  20. WHAT DOES THE SETTLEMENT PROVIDE?

    Compass paid $11,500,000 to a Settlement Fund to make payments to eligible Settlement Class Members, as well as to pay for attorneys’ fees, costs, and expenses and special service payments to the Class Representative who initiated the lawsuit (see “How will the lawyers be paid?” below). Compass has agreed to pay costs associated with administering the Settlement. To the extent residual funds remain in the Settlement Fund one year plus (30) thirty days after the Settlement Administrator sends the first Settlement Fund Payment check to Settlement Class Members, such funds shall be distributed as follows: (i) first, to Compass to reimburse it for actual, third party expenses paid to the Notice Administrator and Settlement Administrator associated with the cost of class notice and Settlement identification and administration; (ii) second, to Compass to reimburse it for any Settlement Fund Payments to Account Holders not previously reimbursed; and (iii) third, for cy pres relief, the recipients of the cy pres relief to be mutually selected by the Settlement Class Counsel and Compass, subject to Court approval, together with any administrative costs associated therewith.

    Details on all of the Settlement benefits are available in the Settlement Agreement.

  21. HOW DO I RECEIVE A PAYMENT OR ACCOUNT CREDIT?

    It is no longer possible to file a claim. The deadline to file a claim was September 30, 2013.

  22. WHAT AM I GIVING UP TO STAY IN THE SETTLEMENT CLASS?

    Unless you excluded yourself from the Settlement, you can’t sue or bring a claim against Compass, or be part of any other lawsuit against Compass about the issues in this case. Unless you excluded yourself, all of the decisions by the Court will bind you. The Settlement Agreement is available here and describes the claims that you gave up if you remained in the Settlement.

  23. HOW DO I GET OUT OF THE SETTLEMENT?

    It is no longer possible to exclude yourself from the Settlement. All timely exclusion requests must have been submitted no later than June 6, 2013.

  24. DO I HAVE A LAWYER IN THE CASE?

    The Court has appointed a number of lawyers to represent all Settlement Class Members as “Settlement Class Counsel.” They include:

    Bruce S. Rogow, Esq.
    BRUCE S. ROGOW, P.A.
    Broward Financial Center
    500 East Broward Blvd., Suite 1930
    Fort Lauderdale, FL 33394

    Aaron S. Podhurst, Esq.
    PODHURST ORSECK, P.A.
    25 West Flagler Street,
    Suite 800
    Miami, FL 33130

    Robert C. Gilbert, Esq.
    GROSSMAN ROTH, P.A.
    2525 Ponce de Leon Blvd., 11th Floor
    Coral Gables, FL 33134

    E. Adam Webb, Esq.
    WEBB KLASE & LEMOND, LLC
    1900 The Exchange SE
    Suite 480
    Atlanta, GA 30339


    You will not be charged for contacting these lawyers. If you want to be represented by your own lawyer, you may hire one at your own expense.

  25. HOW WILL THE LAWYERS BE PAID?

    Class Counsel requested 30 percent of the value of the Settlement for attorneys’ fees plus reimbursement of the costs and expenses of prosecuting the class action. The Court approved that. Class Counsel also requested that a special service payment of $5,000 be paid from the Settlement Fund to the Class Representative for his service as representative on behalf of the whole Settlement Class. Counsel fees and expenses and special service payments awarded by the Court were paid out of the Settlement Fund.

  26. HOW DO I TELL THE COURT THAT I DO NOT LIKE THE SETTLEMENT?

    It is no longer possible to object to the Settlement. All timely objections must have been submitted no later than June 6, 2013.

  27. THE COURT’S FINAL APPROVAL HEARING.

    The Court held a Final Approval Hearing on August 1, 2013 at the United States District Court for Southern District of Florida, Miami Division, located at James Lawrence King Federal Justice Building, 99 Northeast Fourth Street, 11th Floor, Miami, FL 33132. At this hearing the Court considered whether the Settlement was fair, reasonable, and adequate. The Court also considered the request by Class Counsel for attorneys’ fees and expenses. After the hearing, the Court approved the Settlement, awarded Class Counsel attorneys’ fees representing 30% of the Settlement Fund plus certain expenses, and awarded the Service Awards to the Class Representatives.

  28. HOW DO I GET MORE INFORMATION?

    This website summarizes the proposed Settlement. More details are in the Settlement Agreement. For a complete, definitive statement of the Settlement terms, refer to the Settlement Agreement here. You also may write with questions to the Settlement Administrator at PO Box 4087, Portland, OR 97208-4087 or call the toll-free number, 1-877-835-0549.

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