A billion-dollar US bank is preparing to shell out $1 million to settle a class-action lawsuit over certain fees charged to customers.
Equity Bank has agreed to settle the lawsuit that alleges the financial institution improperly charged certain overdraft and non-sufficient funds fees to account holders between January 1st, 2017, and November 21st, 2025.
The alleged improper charges include overdraft fees charged on debit card transactions that were authorized on a sufficient available balance and settled in the authorized amount, overdraft or non-sufficient funds fees charged on the second or third presentment of the same item, and overdraft fees charged on days when the end-of-day balance was not overdrawn.
The bank’s account holders, who do not need to file a claim to receive the funds, will receive some portion of the settlement proceeds on a pro rata basis based on the amount of alleged improper fees they paid, after deducting the attorneys’ fees and expenses, as well as the costs of notice and administration.
As part of the settlement, Equity Bank denies any wrongdoing.
Equity Bank has also agreed to forgive $225,000 in uncollected fees that were charged.
A court is expected to give final approval of the settlement on June 29th.
Equity Bank is headquartered in Kansas and has $7.9 billion in assets under management.
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