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BancorpSouth quietly cut a deal in Arkansas that could undercut Florida claims in the overdraft case and save it millions. A federal judge is not amused.
June 6 -
BancorpSouth (BXS) of Tupelo, Miss., has agreed to pay customers $1.75 million to settle a class-action lawsuit related to its overdraft fees.
March 29 -
Banks have made changes to overdrafts, such as lowering fees offering clearer explanations. They better, as the CFPB will soon offer new rules for overdrafts. Plus, overdraft revenue has declined at many banks. Still unanswered is the question of how to offer short-term credit, if overdrafts disappear.
January 5
BancorpSouth in Tupelo, Miss., has agreed to settle a lawsuit tied to how it determines overdraft fees on debit card and ATM transactions.
The $13.7 billion-asset company
The lawsuit, filed in U.S. District Court for the Northern District of Florida, took issue with BancorpSouth's policies tied to the posting order of certain transactions. The proposed settlement is subject to preliminary and final court approval and should be finalized by Jan. 22.
BancorpSouth said it viewed the settlement as a compromise and a way to avoid more litigation expense, adding that it is "not in any way an admission of liability, fault or wrongdoing."
Numerous banks in recent years have settled class actions based on predatory overdraft policies. Nearly all of them have been settled, according to the filing. BancorpSouth also
