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Depositors Due Money In Compass Bank Overdraft Settlement

Wednesday, April 17, 2013 - 11:58 AMBBVA Compass - Details
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.
12
me1004me1004343 posts since
Jan 16, 2010
Rep Points: 2,350
1. Wednesday, April 17, 2013 - 12:06 PM
"The amount depositors receive will depend on how many people file claims."

This ought to be interesting.
13
ShorebreakShorebreak2,364 posts since
Apr 6, 2010
Rep Points: 12,570
2. Wednesday, April 17, 2013 - 3:12 PM
If I had to guess, from the bank's perspective the only thing they did wrong was get caught.

 
20
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,954
3. Wednesday, January 8, 2014 - 1:16 PM
The lawyers must have received all the money in this lawsuit!!! Because the measly $20.00 I received didn't even cover 1 of the overdraft fees I was charged!!! So once again the hard working american doesn't get what's owed to them!
13
Carson BaileyCarson Bailey1 posts since
Jan 8, 2014
Rep Points: 13
4. Tuesday, January 14, 2014 - 11:11 AM
I received a whopping $4.12 for all the times that Compass Bank bounced me while processing my debits out of order and racking up NSF fees.  They are lowest of the low and this so-called settlement check is a huge insult.
6
ShannonganleyShannonganley1 posts since
Jan 14, 2014
Rep Points: 6
5. Monday, January 20, 2014 - 9:53 PM
I got 2.12 and I didn't get nowhere close to what they I paid them! I cant get a happy meal.
3
Darlene DuarteDarlene Duarte1 posts since
Jan 20, 2014
Rep Points: 3
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