U.S. Bank settles overdraft suits for $55M

Minneapolis-based U.S. Bancorp has aggreed to pay out $55 million to settle lawsuits accused of imposing imposed excessive overdraft fees on customers. If a federal judge approves the settlement, the Star Tribune reports more than a million U.S. Bank customers could see some money returned. U.S. Bancorp is among more than 30 lenders being sued over the fees.

Author:: BMTN Staff
Updated:: Mar 8, 2018
Original:: Jul 3, 2012

Minneapolis-based U.S. Bancorp has aggreed to pay out $55 million to settle lawsuits accused of imposing imposed excessive overdraft fees on customers. If a federal judge approves the settlement, the Star Tribune reports more than a million U.S. Bank customers could see some money returned. U.S. Bancorp is among more than 30 lenders being sued over the fees.

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U.S. Bank is bumping up overdraft fees for all its accounts beginning June 29, the Minneapolis-based bank confirmed Wednesday. The bank's new $35 overdraft fee brings it in line with the country's biggest financial institutions, including Bank of America, Huffington Post reports. Bank officials note that the 15 million-customer bank is eliminating one other fee and lowering yet another.

College students looking for private loans have fewer options. Minnesota Daily reports after nearly 40 years in the student-loan business, Minneapolis-based U.S. Bancorp is going to pull out of the student loan market. A company spokesperson said U.S. Bank was a "very small player" with less than 1.5 percent of the student-lending market share. JPMorgan Chase has also decided to only lend student loans to existing customers.

A St. Paul firefighter will receive a more than half million dollar settlement in a disability dispute. William Eldredge claims the fire department tried to fire him and transfer him to a lesser paying job because he had an eyesight disability.

Los Angeles city officials accuse the Minneapolis-based lending firm of allowing more than 150 abandoned homes to deteriorate and fall into disrepair, the L.A. Times reports. The complaint also claims U.S. Bank is responsible for illegally evicting some tenants and forcing others to live in dangerous conditions. The 18-month investigation is part of the city's attempt to deal with urban decay following the housing crash.

Minneapolis-based U.S. Bancorp reported high-than-expected quarterly profit as revenue rose and set aside less money for bad loans. The fifth-largest U.S. commercial bank posted a net income of $1.42 billion in the second-quarter.

The group Minnesotans for a Fair Economy claims bank fees on short-term loans are as bad or worse as those imposed by payday lenders.

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