A multi-billion dollar US bank plans to pay $1 million to settle a lawsuit related to customer payments.
Equity Bank has he agreed to resolve allegations that the financial institution improperly charged overdraft fees and underpayments to account holders between January 1, 2017, and November 21, 2025.
Charges that are said to be inappropriate include overdraft fees charged on kingingi cards that have been authorized for sufficient funds available and paying the authorized amount, overdraft fees or insufficient funds paid on the second or third presentation of the same item, and fees that are charged on days when the remaining funds are not exceeded.
Those who have a bank account, who do not need to make a decision to receive the money, will receive a portion of the money they charge on a pro rata basis according to the amount of money that they think is inappropriate that they have paid, after deducting the fees and attorneys’ fees, as well as the information and administration fees.
As part of the settlement, Equity Bank denies any wrongdoing.
Equity Bank has also agreed to waive $225,000 in uncollected fees.
The court is expected to give its final approval of the decision on June 29.
Equity Bank is based in Kansas and has $7.9 billion in assets under management.
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