On Nov. 6, customers of the Royal Bank of Canada’s U.S.-based PNC Bank presented a U.S. District Judge James Lawrence King with a proposed $7.5 million settlement, meant to resolve claims that PNC Bank charged customers excessive overdraft fees.
The case between plaintiffs and PNC Bank was filed in 2010 and has been in litigation for nearly a decade. According to named plaintiff Michael Dasher, the bank failed to warn him and other consumers about the possibility of overdraft fees associated with debit card purchases. He also claims that the bank rearranged his and others’ transactions, in order to assess multiple overdraft fees stemming from the same transaction. Due to the rearranged transactions, Michael claims that the bank was able to maximize the fees assessed against him. Dasher claims that this behavior violated the Bank’s good faith duties, as well as consumer protection statutes.