The settlement stems from allegations that SunTrust, now operating as Truist Bank, improperly charged overdraft fees on certain ATM and debit card transactions and failed to refund those fees. Truist Bank has denied any wrongdoing but agreed to resolve the litigation through a settlement.
The agreement applies only to certain Georgia customers who meet specific account and transaction requirements. The amount each claimant ultimately receives will depend on the total qualifying overdraft fees paid and the number of valid claims submitted.
Settlement Covers Specific Suntrust Account Holders in Georgia
The class action settlement applies to customers who maintained at least one SunTrust Bank account that remained open until at least June 1, 2010. Eligible customers also must have incurred at least one overdraft of $500 or less resulting from an ATM or debit card transaction between July 12, 2006, and April 15, 2014.
According to The U.S. Sun, the lawsuit alleged that the overdraft fees violated Georgia’s usury laws because the bank did not return the fees in the circumstances described by the plaintiffs. SunTrust has since become Truist Bank, which now operates branches across 11 states and the District of Columbia.
Truist Agrees to $240 Million Settlement Without Admitting Wrongdoing
The litigation has been resolved through a $240 million settlement. Truist Bank has not admitted liability or wrongdoing but agreed to the payment to avoid further court proceedings.
Individual compensation will vary. Eligible class members are expected to receive between $5 and $1,000, with payments calculated according to the amount of qualifying overdraft fees they paid. The final amount distributed to each claimant may change depending on the total number of successful claims submitted.
September 14 Claim Deadline for Eligible Customers
Customers who believe they qualify must submit their claim by September 14. The settlement establishes that only eligible class members who meet the account and transaction requirements may receive compensation.
Class action lawsuits allow groups of people with similar claims to pursue legal action together. In many cases, companies choose to settle such cases without admitting wrongdoing, while class members who accept compensation typically waive their right to pursue additional legal action related to the same claims.
