Compass Bank has agreed to an $11.5 million settlement in a class action alleging the bank set up debit card users for improper overdraft fees. The lawsuit alleges Compass improperly rearranged the order in which debits card transactions were processed, from chronological processing to processing by largest to lowest amount, increasing the number of overcharged transactions and so overcharge fees. Compass is agreeing to the settlement, but maintains there is nothing wrong with what it did.
This affects depositors who had a debit card between Jan. 1, 2004 and Aug. 15, 2010. Payouts to depositors for this settlement will be automatic for some time frames, but require a claim form to be filed for other time frames. The amount depositors receive will depend on how many people file claims. Deadline to submit a claim form is Sept. 9, 2013. (If you don't want to be bound by this settlement, you have until June 6 to ask to be excluded.)
You can see the Website and get all the information, as well as file a claim, at: www.CompassBankOverdraftSettlement.com/preview/ - Home
If you want the itty bitty fine details, you can see the legal settlement text here: https://www.compassbankoverdrafts...reement.pd
As an addendum, the notice about the settlement indicates that Compass is now changing to process transactions chronologically.