New York- Final approval has been granted in the $14.5 million settlement of consumer fraud class action involving overdraft fees charged by Comerica Bank NA. The class action involved people who had been charged overdraft fees on their Comerica Bank accounts between 2004 and 2010. The Comerica overdraft class action lawsuit alleged the bank posted debit card transactions in dollar amounts ordered from highest to lowest so as to maximize the number of overdraft fees it could levy against its customers.
According to the lawsuit, rather than declining transactions that would put a customer into overdraft, Comerica authorized the transactions, subsequently processing them in an order that would increase the banks’ overdraft revenue.
Eligible class members include anyone who held a Comerica bank account in Arizona, California, Florida, Michigan or Texas and incurred one or more overdraft fees as a result of Comerica’s non-consecutive posting of transactions between 2004 and 2010. Specific class periods vary by state.
The Class Periods by state are:
• For Settlement Class Members who opened accounts in Arizona, the period from February 18, 2004 through August 15, 2010.
• For Settlement Class Members who opened accounts in California, the period from February 18, 2006 through August 15, 2010.
• For Settlement Class Members who opened accounts in Florida, the period from February 18, 2005 through August 15, 2010.
• For Settlement Class Members who opened accounts in Michigan, the period from February 18, 2004 through August 15, 2010.
• For Settlement Class Members who opened accounts in Texas, the period from February 18, 2006 through August 15, 2010.
Eligible class members must have had two or more Overdraft Fees caused by debits posted to their accounts on a single day during the time period listed above. For further information on the Comerica class action lawsuit settlement, and to download forms, visit: http://comericabankoverdraftsettlement.com
