Cadence Bank $4.5M Overdraft Fee Class Action Settlement

If you were charged an APSN Fee, meaning overdraft fees, by Cadence Bank, you may be eligible for cash compensation from a class action settlement.

Cadence Bank has agreed to pay $4,500,000 to settle a class action lawsuit for allegedly charging overdraft fees on debit card transactions that settled into a negative balance.

Who is eligible to receive an overdraft fee settlement payment?

• You were charged APSN (overdraft) Fees by Cadence Bank anytime from January 11, 2019, and November 15, 2023 and did not receive a refund.
• You received a notice in the mail or via email informing you of the class action settlement that you are a member of the class.

What will the Cadence Bank payout be?

The settlement fund will be distributed among class members on a pro rata basis. This means the amount each member receives will depend on the total APSN Fees they paid compared to the total fees paid by all class members.

• Payment amounts will be determined by the APSN Fee amount each class member paid during the class period.
• The settlement also includes debt forgiveness of up to $682,000 in unpaid APSN Fees on accounts closed during the same period.

No action required to receive a Cadence Bank overdraft fee payment

• Class members do not need to file a claim to receive a settlement payout
• Class members should email the settlement administrator at admin@SelfBankFeeSettlement.com with any address change information

$4.5 Million settlement fund breakout

The settlement fund of $4,500,000 million includes the following:

• Settlement administration costs: To be determined
• Attorneys' fees: Up to $1,500,000 plus expenses
• Service awards to class representatives: Up to $5,000 each
• Payments to class members: Remaining funds after other costs and fees

Important dates

• Final Approval Hearing: May 9, 2025

When is the Self v. Cadence Bank payout date?

There is a final approval hearing scheduled for May 9, 2025. Once the settlement is granted approval by the judge, the settlement administrator will calculate and issue payments to class members.

Why is there a class action settlement?

The lawsuit alleges that Cadence Bank improperly charged overdraft fees on debit card transactions. The settlement avoids the cost of a possible trial and provides compensation to affected account holders and former account holders.

Sources

1] [Official Settlement Website