PNC Settles Overdraft Fee Abuse – Bank Iceberg Builds

A Settlement has been reached in a class action lawsuit claiming that RBC Bank (USA) improperly posted Debit Card Transactions from highest to lowest dollar amount to increase the number of Overdraft Fees charged to Account holders (“High-to-Low Posting”). The Settlement was reached with PNC Bank, N.A. (“PNC”), successor in interest to RBC when the two banks merged. PNC maintains that there was nothing wrong about the posting process used by RBC and that no laws were violated. The Court has not decided which side is right.

Who’s Included?

The Settlement Class includes all holders of an RBC Account who, from October 10, 2007 through and including March 1, 2012, incurred one or more Overdraft Fees as a result of RBC’s High-to-Low Posting.

What Are the Settlement Terms?

PNC has agreed to establish a Settlement Fund of $7.5 million. Individuals who remain in the Settlement Class, and if the Court approves the Settlement, will automatically receive a payment or Account credit for their pro rata portion of eligible Overdraft Fees they paid during the period covered by the Settlement.

What Are My Other Options?

Members of the Settlement Class who do not want to remain in the Settlement Class and be bound by the Settlement, must exclude themselves by March 18, 2020. Members of the Settlement Class who do not timely exclude themselves from the Settlement Class will release their claims against PNC and RBC. Alternatively, members of the Settlement Class may object to the Settlement by March 18, 2020.

The Detailed Notice is available at www.RBCBankOverdraftSettlement.com explaining how to exclude yourself from or object to the Settlement. The Court will hold a hearing on April 22, 2020 to consider whether to approve the Settlement and a request for attorneys’ fees up to 35% of the Settlement Fund and a $10,000 Service Award.  Settlement Class Members may appear at the hearing, but are not required to do so.  Settlement Class Members are not required to hire a lawyer to appear or speak for them at the hearing, but may do so if they choose, at their own expense.

For Detailed information visit www.RBCBankOverdraftSettlement.com or call toll-free 1-855-958-0544.

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