Monday, March 2, 2015

M&T Bank Overdraft Settlement for illegal Fees

If you are cheated by M&T Bank’s wrong automatic fee-based overdraft scheme, then visit MTOverdraftSettlement.com and know everything important for the settlement and its procedure.


information for M&T Bank Overdraft Settlement at MTOverdraftSettlement.com

M&T Bank alleged for doing illegal fees collection to increase the overdraft fees. The bank unfairly assessed and later collected overdraft fees on debit card transactions without any warning. This automatic fee-based overdraft scheme claimed to increase overdraft fees. On Aug. 21, 2009, Plaintiffs claimed M&T Bank to get compensation for monetary damages incurred from the allegedly unfair overdraft fees. Thus, a class action settlement has been reached in for the resolution of the M&T Bank overdraft class action lawsuit. Initially, many efforts done by M&T to dismiss the overdraft class action lawsuit and to compel the plaintiffs into arbitration; but finally it agreed to the settlement. If you are M&T bank ac holder and had done any kind of such transactions, then keep look on the latest case updates at MTOverdraftSettlement.com to get your part of settlement benefits.


As per the law, the bank could have declined debit and/or POS transactions due to insufficient funds in the account when a consumer’s bank funds were running low or should warn customer that an overdraft fee will be assessed if he or she proceeds with the transaction. But instead of this, M&T Bank routinely processed such transactions and charged customers an overdraft fee of $37 per transactions, even if the transaction is for only a few dollars. This is designed and intended just to increase overdraft fee revenue.

This practice is a violation of Maryland’s consumer protection laws also it implied contract of good faith and fair dealing in M&T's General Deposit Account Agreement.

However the bank attempted to dismiss the overdraft class action lawsuit and the resulting claims stemming from this suit also attempted to compel the plaintiffs into arbitration; it finally agreed to preliminary settlement discussions before a decision on arbitration could be made by the court. M&T agreed to pay $4 million in this overdraft class action settlement on May 2014. The settlement was given preliminary approval by the court and is now awaiting final approval in March 2015.

Earlier M&T Bank denied but has agreed to the settlement in order to avoid the uncertainty and cost of further litigation and trial.

Who's eligible for M&T Bank Overdraft Settlement:


You are considered a qualifying M&T Bank Overdraft Class Member if you had one or more consumer checking accounts with M&T Bank that could be accessed with a debit card during the Class Period of Aug. 21, 2006, through Aug. 15, 2010. Also, if you received an M&T overdraft class action settlement notice with a postcard addressed to your name, then you are M&T Bank Settlement Class Member.

Potential Award:

As per the M&T Bank overdraft settlement agreement, “M&T Bank has agreed to establish a Settlement Fund of $4 million from which each qualifying M&T Settlement Class Members may receive Settlement based on the total number of claims filed and the amount of overdraft fees each Class Member paid because of M&T’s order posting practices.

Proof of Purchase:

Not necessary. All eligible class members will automatically receive a settlement payment or account credit on approving the settlement.

Claim Form: No Claim Form

Claim Form Deadline: N/A
Case Name: In Re: Checking Account Overdraft Litigation, Case No. 1:09-MD-02036-JLK, in the U.S. District Court for the Southern District of Florida.

Case Documents:
M&T Bank Illegal Overdraft Fee Class Action Settlement Agreement
M&T Bank Illegal Overdraft Fee Class Action Settlement Long Form Notice

Final Hearing: 03/04/2015
Settlement Website: www.MTOverdraftSettlement.com
Total Settlement Amount: $4,000,000

Claims Administrator:
Checking Account Overdraft Settlement
P.O. Box 3207
Portland, OR 97208-3207
1-877-841-8154
info@MTOverdraftSettlement.com

Class Counsel: GROSSMAN ROTH P.A.
Defense Counsel: N/A

7 comments:

  1. Sure would like to no when will m&t account holder receive refund

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    Replies
    1. On May 8, M&T deposited $0.76 into my account with the title of "Overdraft Settlement". Whatever they stole from me, in illegally obtained overdraft fees, $38.50 per time, is a far cry from $.076. Not even worth the time spent thinking about it or the effort to deposit...?

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  2. I received my settlement refund on 5/8/2015. I was expecting to receive maybe $100-$200.00 at the most. However I only received $2.63, which doesn't even cover a single NSF fee.

    It seems to me that the bank got slapped with a fee for doing wrong, and the attorneys reap all the benefits?
    What about the consumers like me that got cheated on? How did this settlement help us?

    -DR
    bank customer

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  3. Omg we paid so much for the overdaft fees that we only got that much we need a justice for the customer

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  4. I too received a check for the disrespectful amount of $2.63. They took over $300 in overdraft fees from me illegally. This class action suit was/is a joke.

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  5. I received $10.55. Guess I really made out on that one! NOT lol

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  6. Well, I'm still curious as to when the checks are supposed to be mailed. Though it appears I shouldn't since the amount is so ridiculous. What a joke.

    ReplyDelete