Home / Latest News /
BancorpSouth settles overdraft lawsuit for $1.75 million
By The Associated Press
This article was published April 6, 2012 at 7:34 a.m.
- Comment (1)
- aAFont Size
TUPELO, Miss. — BancorpSouth will to pay $1.75 million to settle a class action lawsuit related to improper overdraft fees.
The Northeast Mississippi Daily Journal reports that the Tupelo-based bank also will make changes to its overdraft practices.
BancorpSouth says in a statement that it pleased with the federal court’s preliminary approval of the settlement. The bank says it did nothing wrong.
The lawsuit, filed in federal court in Arkansas, alleged BancorpSouth assessed non-sufficient funds fees and overdraft fees on debit card and check purchases and ATM withdrawals in a number of ways that were “unlawful.”
The lawsuit said BancorpSouth processed the largest transaction first instead of processing the transactions as they are received. The lawsuit alleges the action was taken to maximize the number of non-sufficient funds fees and overdraft fees.
Comment on: BancorpSouth settles overdraft lawsuit for $1.75 million
To report abuse or misuse of this area please hit the "Suggest Removal" link in the comment to alert our online managers. Read our Terms of Use policy.
You must login to make comments.
Reason says... April 6, 2012 at 8:01 a.m.
They should go to jail.
( permalink | suggest removal )
To report abuse or misuse of this area please hit the "Suggest Removal" link in the comment to alert our online managers. Read our Terms of Use policy.