A settlement of a class action suit against Comerica Bank over the order in which the bank posted debit card transactions, resulting in an increased number of overdraft fees against customers, requires the bank to pay $14,580,000. Unfortunately, the bank is making no admission of wrongdoing in the settlement.
The settlement affects accounts opened in five states: Arizona, California, Florida, Michigan and Texas. (The language says "opened in," not "customers who reside in.") The accounts affected are those opened during a certain time frame, which is different in each state, but ranging from Feb. 18, 2004 in Arizona and Texas to Aug. 15, 2010 in all the states.
Bank customers who incurred two or more overdraft fees in a single day are members of the class. How much each class member will receive is not known at this time, will depend partly on the number of people in the class and the amount of additional overdraft fees each paid.
The full settlement and other information can be seen at: http://www.comericabankoverdraftsettlement.com
Or you can phone: (877) 819-8914.
Eligible class members do not have to do anything to get payment or account credit, they will receive it automatically. (If you have closed your account and/or moved to an address other than that for which you had the account, I recommend you contact the lawyers and inform them of your new address.)
Class members who do not want to be bound by the settlement or want to stay in the class but object must do so by March 12, 2014. A hearing is set for April 16, 2014, for the court to consider approval of the settlement.
And for my own comment: I am sorry there is no final ruling here officially requiring all banks and financial institutions to stop this kind of practice. This is NOT the first bank to be doing this, yet they keep settling with no admission of guilt, and it just keeps happening. The bank regulators should have addressed this practice long ago. I've heard of it for more than a decade at various banks (I first heard of it at Wells Fargo when they settled a suit over it), and it just keeps happening. I will note, another I have fought over this who continues with a variation of it is Alliant Credit Union. Alliant posts debits it receives all day long even while it does not post an in-house transfer into the account scheduled well in advance until later that night rather than automated right at 12:01 a.m., bouncing your account all day long because the deposit was not made until after the bounces.