Town & Country Bank Overdraft Fees Class Action Settlement

If you were assessed a Challenged Fee by Town & Country Bank, you may be eligible to claim a payment from a class action settlement.

Town & Country Bank has agreed to pay $289,138.80 to settle a class action lawsuit for allegedly improperly assessing overdraft fees on certain debit card transactions.

Who are the class members?

The class members include individuals who were assessed a Challenged Fee by Town & Country Bank between February 1, 2013, and February 1, 2023. If you received a notice via email or postcard, you are likely a member of this class. Here are the specifics:

• The fees in question are average overdraft fees of $31.29 on one-time non-PIN based debit card transactions that were authorized into a positive available balance but posted into a negative balance.
• Class members do not need to file a claim; they will automatically receive a payment or account credit if the settlement is approved.

How much can class members get?

Class members will receive a payment from the Net Settlement Fund, which is the total settlement amount minus fees and expenses. The distribution is calculated on a pro rata basis, depending on the amount of Challenged Fees each class member paid. For example, if a class member paid $1,000 in fees, they would receive twice as much as someone who paid $500.

Example Calculation: If the Net Settlement Fund is $200,000 and the total Challenged Fees paid by all class members is $1,000,000, a class member who paid $100 in fees would receive $20 ($100/$1,000,000 \* $200,000).

Class members do not need to take any action to receive their payment. Payments will be automatically distributed if the settlement is approved. If your address has changed, you should contact the Settlement Administrator to update your information.

Payment methods

Payments will be made via check or account credit, depending on the class member's status with the bank.

$289,138.80 Settlement fund

The settlement fund of $289,138.80 will cover various costs, including:

• Attorneys' fees and expenses, up to 1/3 of the settlement value.
• A service award to the Class Representative of up to $5,000.
• Costs of notice and administration.

Important dates

• Final Approval Hearing: March 7, 2025

When is the Pickett v. Town & Country Bank payout date?

The court will hold a Final Approval Hearing on March 7, 2025, to decide whether to approve the settlement. If approved, payments will be distributed to class members.

Why was there a class action settlement?

The lawsuit alleged that Town & Country Bank improperly assessed overdraft fees on certain debit card transactions. The bank denies any wrongdoing but agreed to settle to avoid the costs and risks of a trial.