MUFG Union Bank $5,000,000 Settlement for Overdraft Fees

MUFG Union Bank has agreed to pay $5,000,000 to settle a class action lawsuit for alleged breach of contract and improper assessment and collection of APSN Fees on certain debit card transactions. This settlement affects current and past accountholders who were charged these fees between October 19, 2013, and February 28, 2019.

Can I Claim an Award?

If you were charged one or more “ASPN fees” by MUFG Union Bank between October 19, 2013, and February 28, 2019, you might be eligible for a payment or account credit from the settlement fund.

“APSN fees” refer to overdraft fees charged on debit card transactions where there was a positive available balance at the time of authorization but an insufficient balance when the transaction was presented for payment.

To determine if you are part of the settlement class, check if you received an email or postcard notice. Union Bank's records were used to identify potential class members, and notices were sent accordingly. If you received such a notice, you are likely a member of the settlement class and may be entitled to compensation.

What Awards Can Class Members Claim?

The estimated average payment per account is $40.16.

This amount is calculated by dividing the Net Settlement Fund by the total number of APSN Fees paid by all class members, resulting in a per-fee amount. This per-fee amount is then multiplied by the total number of APSN Fees for each class member to determine their individual payment.

Settlement Fund Breakdown

The $5,000,000 settlement fund will be allocated as follows:

• Distributed to eligible class members: Approximately $3,262,891.90
• Attorneys' fees: Up to $1,666,650
• Litigation costs: Up to $60,458.10
• Incentive award to the class representative: Up to $10,000

Is Proof Required to Claim the Reward?

Proof is not applicable to this settlement. If you are identified as a class member based on Union Bank's records, you will automatically receive a payment or account credit unless you choose to opt-out of the settlement.

How to Claim Your Award

If you are an eligible class member, you do not need to take any action to receive your payment or account credit. The settlement administrator will automatically send payments or issue credits to eligible accounts once the settlement is approved by the court.

How Do I Get Paid?

Current accountholders will receive a credit to their accounts for the amount they are entitled to receive. Past accountholders will receive a check from the settlement administrator. Payments should be made or credits issued within 60 days of the effective date of the settlement.

Important Dates

• Exclusion Deadline: June 25, 2024
• Final Approval Hearing Date: July 25, 2024

Why is There a Class Action Settlement?

The class action lawsuit was filed against MUFG Union Bank, N.A., alleging that the bank breached its contract with accountholders and improperly assessed and collected APSN Fees on certain debit card transactions. The bank denies any wrongdoing but has agreed to settle the lawsuit to avoid the cost, delay, and uncertainty of litigation.

The court has granted preliminary approval of the settlement, and a final approval hearing is scheduled for July 25, 2024. If the court approves the settlement, payments and account credits will be issued to eligible class members. If you have any questions or need further information, you can contact the settlement administrator or class counsel.