Bank of Hawaii Reaches Tentative $9M Settlement in Overdraft Fees Class Action

Honolulu, HW: A tentative settlement has been reached in an overdraft fees class action lawsuit brought against the Bank of Hawaii by account holders who allege the bank engaged in a systematic policy of re-ordering debit card transactions from highest dollar amount to lowest dollar amount. The suit said this practice allowed the bank to deplete the customer's available funds as quickly as possible while maximizing the number of overdraft fees.

The settlement amount is $9 million, and, if approved will be used to refund class members for overdraft fees they were charged. "The tentative settlement, subject to documentation and court approvals, provides for a payment by the company of $9 million into a class settlement fund the proceeds of which will be used to refund class members, and to pay attorneys' fees, administrative and other costs, in exchange for a complete release of all claims asserted against the company," the bank said in a filing with the Securities Exchange Commission.

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Published on Jul-19-11