$24M Synovus Bank Overdraft Fees Class Action Lawsuit Settlement Reached

Atlanta, GA:A $24 million settlement has been reached in the overdraft fees class action lawsuit pending against Synovus Financial Corp. Filed in July 2010 the lawsuit covers the period between July 10, 2004, and February 3, 2014, and alleges Synovus banks charged excessive overdraft fees on debit-card purchases or ATM cash withdrawals using debit cards.

According to court documents, "A lawsuit filed by customers of Synovus Bank ... claims that the fees Synovus charged in connection with overdrafts arising from a (point of sale) or ATM debit card transaction constitutes interest, and as a result, Synovus has violated Georgia' usury laws, committed conversion and is liable to plaintiffs for money had and received."

Synovus said the settlement agreement has been made "without admitting liability,"with current and former Georgia resident bank customers eligible to participate if they have been charged an overdraft fee over that nearly 10-year period. Over a dozen Synovus divisions are included in the settlement including Columbus Bank and Trust.

The proposed settlement has been preliminarily approved by the court, according to the Synovus notice to customers. A fairness hearing will take place May 20.

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Published on Mar-27-14