Central Bank $4,850,000 Overdraft & NSF Fees Settlement

If you are a current or former customer of Central Bank who incurred an overdraft fee or NSF fee, you may be eligible to claim a portion of a class action settlement.

Central Bank has agreed to pay $4,850,000 to settle a class action lawsuit for alleged improper charging of overdraft fees and non-sufficient funds fees.

Who are the class members?

The settlement includes:

• Missouri residents who opened an account at Central Bank or its affiliates before July 1, 2018.
• Customers charged overdraft fees on debit card transactions authorized into a positive balance but settled on negative funds from December 10, 2015, through the date of preliminary approval.
• Individuals charged more than one overdraft or NSF fee on the same item from December 10, 2015, through August 1, 2021.

If you received a notice of this settlement by mail or email, you are likely a class member entitled to receive a payment and/or a waiver of outstanding fees and charged-off balances.

How much can class members get?

The settlement fund will be divided among all class members proportionally based on the number of allegedly improper fees incurred. The exact amount each member receives will depend on the total number of claims and fees involved.

• Open Accounts: Class members with open accounts will receive funds via direct credit.
• Closed Accounts: Class members with closed accounts will receive checks mailed to their last known address.

Class members do not need to take any action to receive compensation. Payments will be automatically distributed to eligible members.

$4.85 Million settlement fund

The settlement fund of $4,850,000 will cover:

• Payments to class members
• Attorneys' fees: Up to one-third of the settlement value, plus litigation costs not exceeding $125,000
• Service awards: Up to $15,000 for each named plaintiff
• Settlement Administrator expenses: Capped at $97,000

Important dates

• Fairness Hearing: December 4, 2024

When is the Central Bank Settlement payout date?

The Court will hold a Fairness Hearing on December 4, 2024. Payments are expected to be distributed within approximately forty days after the Court's approval, assuming no appeals are filed.

Why is there a class action settlement?

The lawsuit alleges that Central Bank improperly charged overdraft fees and NSF fees. The settlement avoids the risks and costs of further litigation, providing compensation to affected customers.