Banks Put Up $10M To Settle Overdraft Fee Class Action

Law360, Los Angeles (September 5, 2013, 9:12 PM EDT) -- Zions Bancorp and three other banks on Thursday agreed to pay $10 million to settle a class action accusing them of purposefully wringing fees out of customers by processing more expensive transactions first, triggering a series of overdraft fees.

Zions Bank, Amegy Bank NA, National Bank of Arizona and Vectra Bank Colorado NA agreed to each pay a portion of the $10 million to repay customers for fees they were charged when the banks processed transactions using a “high-to-low” scheme that caused them to accumulate multiple...
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