ELIGIBLE bank customers could be owed cash from a multimillion-dollar settlement after they were slapped with dodgy overdraft fees.
Midland States Bank agreed to a huge $3.1million settlement after it was accused of charging unfair overdraft and nonsufficient funds (NSF) fees to account holders.
The fees were allegedly added even when there was enough money in the account at the time of the transaction.
Others say they were hit with “fee-on-fee” charges – or multiple NSF fees for the same payment after it was retried.
Midland States Bank is a financial institution with more than 70 locations across Illinois, Missouri, Nebraska, Wisconsin, and Indiana.
Eligible claimants would have had a checking account with Midland States Bank, Alpine Bank & Trust Co., or Centrue Bank.
They must also have been charged certain fees between April 8, 2012 and April 30, 2022.
Midland States Bank did not admit any wrongdoing – but agreed to settle the lawsuit with a multimillion-dollar deal.
According to the settlement, class members will get a payout based on how much they were charged in fees.
The more customers paid in the disputed fees, the bigger their share of the payout.
Exact amounts have not yet been revealed.
Claimants do not need to file a claim – those eligible will be automatically enrolled and paid.
Those who want to object or exclude themselves must do so by August 11, 2025.
The final court approval hearing is set for September 10, 2025.
Alpine customers in Illinois may qualify if they were charged APSN fees between April 8, 2012 and February 28, 2018.
Customers may also be eligible if Alpine charged retry fees during that same period.
Centrue customers could get cash if they were hit with APSN fees between April 8, 2012 and June 12, 2017.
Midland account holders may qualify if they paid APSN fees between April 8, 2012 and April 30, 2022.
And if Midland charged customers “fees-on-fees” during that time, they could be owed money too.
It comes after Americans could claim up to $5,000 from a huge data breach.
The $25million settlement came after a popular lender failed to stop a cyberattack that hit millions of customers earlier this year.
The data breach exposed the personal information of 16.9 million people.
The breach reportedly happened between January 3 and January 5, 2024.
Alleged victims say LoanDepot failed to put proper protections in place — and didn’t train staff well enough to prevent the hack.
GettyThose eligible do not need to file a claim[/caption] Read More Details
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