{"id":209,"date":"2024-12-20T02:23:57","date_gmt":"2024-12-20T02:23:57","guid":{"rendered":"https:\/\/www.soscip.org\/us\/?p=209"},"modified":"2024-12-20T02:23:58","modified_gmt":"2024-12-20T02:23:58","slug":"1-5m-popular-bank-overdraft-settlement","status":"publish","type":"post","link":"https:\/\/www.soscip.org\/us\/1-5m-popular-bank-overdraft-settlement\/","title":{"rendered":"$1.5M Popular Bank Overdraft Settlement: Are You Eligible for Compensation?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">In a significant win for consumers, Popular Bank has agreed to a <strong><a href=\"https:\/\/www.soscip.org\/us\/1-5m-popular-bank-overdraft-settlement\/\" data-type=\"link\" data-id=\"https:\/\/www.soscip.org\/us\/1-5m-popular-bank-overdraft-settlement\/\">$1.5 million class-action settlement<\/a><\/strong> to resolve claims regarding improper overdraft fees. Here\u2019s a breakdown of what the settlement entails and how eligible account holders can benefit.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div class=\"wp-block-rank-math-toc-block\" id=\"rank-math-toc\"><h2>Table of Contents<\/h2><nav><ul><li><a href=\"#background-why-the-lawsuit-was-filed\">Background: Why the Lawsuit Was Filed<\/a><\/li><li><a href=\"#settlement-details\">Settlement Details<\/a><\/li><li><a href=\"#who-is-eligible\">Who Is Eligible?<\/a><\/li><li><a href=\"#what-can-class-members-receive\">What Can Class Members Receive?<\/a><\/li><li><a href=\"#key-deadlines\">Key Deadlines<\/a><\/li><li><a href=\"#how-to-stay-informed\">How to Stay Informed<\/a><\/li><li><a href=\"#legal-representation\">Legal Representation<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"background-why-the-lawsuit-was-filed\"><strong>Background: Why the Lawsuit Was Filed<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The class-action lawsuit accused Popular Bank of breaching its account agreements by imposing overdraft fees on transactions known as <strong>Authorize Positive, Settle Negative (APSN)<\/strong> transactions.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>What Are APSN Transactions?<\/strong><br>These occur when a transaction is authorized with enough funds in the account but later clears when the account balance is insufficient, leading to an overdraft fee.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Plaintiffs claimed this practice was deceptive, violating the trust and agreement between the bank and its customers.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"settlement-details\"><strong>Settlement Details<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The settlement resolves overdraft fees charged in two distinct timeframes:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>May 13, 2016 \u2013 July 26, 2024<\/strong>: Fees assessed and not refunded during this period.<\/li>\n\n\n\n<li><strong>April 16, 2020 \u2013 Onward<\/strong>: Fees for transactions authorized against positive funds.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Popular Bank has agreed to distribute <strong>$1.5 million<\/strong> among eligible class members.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"who-is-eligible\"><strong>Who Is Eligible?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The settlement benefits:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Checking account holders charged overdraft fees between <strong>May 13, 2016<\/strong>, and <strong>July 26, 2024<\/strong>, that were not refunded.<\/li>\n\n\n\n<li>Customers assessed fees for transactions authorized with sufficient funds but settled negatively after <strong>April 16, 2020<\/strong>.<\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"has-text-align-center wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/us\/wells-fargo-bank-settlement\/\" data-type=\"post\" data-id=\"195\">Wells Fargo Bank Settlement: What You Need to Know About Eligibility, Payments, and the $1 Billion Resolution<\/a><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/us\/equifax-data-breach-settlement\/\" data-type=\"post\" data-id=\"23\">Equifax Data Breach Settlement: Amount, Deadlines and Compensation<\/a><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/us\/citibank-robocall-class-action-settlement\/\" data-type=\"post\" data-id=\"168\">Citibank Robocall Class Action Settlement 2024: Are You Eligible for Up to $2,500?<\/a><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/us\/kia-and-hyundai-theft-settlement\/\" data-type=\"post\" data-id=\"204\">Kia and Hyundai Theft Settlement: Up to $145 Million Compensation Announced for Owners<\/a><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/us\/verizon-class-action-settlement-2024\/\" data-type=\"post\" data-id=\"188\">Verizon Class Action Settlement 2024: Payout Details, Eligibility, and Payment Timeline<\/a><\/p>\n<\/blockquote>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-can-class-members-receive\"><strong>What Can Class Members Receive?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Eligible participants will receive a <strong>pro-rata share<\/strong> of the net settlement fund based on the amount they paid in overdraft fees during the class period.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Current Account Holders<\/strong>: Payments will be credited directly to their accounts.<\/li>\n\n\n\n<li><strong>Former Account Holders<\/strong>: Payments will be issued via check.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">No claim form is required; participants automatically qualify unless they opt-out.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"key-deadlines\"><strong>Key Deadlines<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Exclusion\/Objection Deadline<\/strong>: <strong>December 9, 2024<\/strong><br>Class members wishing to opt-out or object must submit requests by this date.<\/li>\n\n\n\n<li><strong>Final Approval Hearing<\/strong>: <strong>January 7, 2025<\/strong><br>This hearing will finalize the settlement and confirm payment distribution timelines.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"how-to-stay-informed\"><strong>How to Stay Informed<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Visit the Official Settlement Website for updates.<\/li>\n\n\n\n<li>Contact the Claims Administrator:<br><strong>Popular Bank Fee Class Action<\/strong><br><strong>c\/o Settlement Administrator<\/strong><br><strong>P.O. Box 2798, Portland, OR 97208-2798<\/strong><br><strong>Phone<\/strong>: <strong>877-701-2656<\/strong><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"legal-representation\"><strong>Legal Representation<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Class Counsel<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Jeffrey Kaliel, <strong>KALIELGOLD PLLC<\/strong><\/li>\n\n\n\n<li>Michael R. Reese, <strong>REESE LLP<\/strong><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Defense Counsel<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Mitchel H. Kider and Michael Y. Kieval, <strong>WEINER BRODSKY KIDER PC<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\">This settlement offers financial relief to Popular Bank customers impacted by disputed overdraft fees. If you&#8217;re eligible, payments will be processed automatically\u2014no need to file a claim. Be sure to monitor updates and check the final hearing&#8217;s outcome in January 2025 to stay informed about the disbursement timeline.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a significant win for consumers, Popular Bank has agreed to a $1.5 million class-action settlement to resolve claims regarding improper overdraft fees. Here\u2019s a breakdown of what the settlement entails and how eligible account holders can benefit. Background: Why the Lawsuit Was Filed The class-action lawsuit accused Popular Bank of breaching its account agreements&nbsp;<a class=\"read-more\" href=\"https:\/\/www.soscip.org\/us\/1-5m-popular-bank-overdraft-settlement\/\">Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":213,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-209","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"_links":{"self":[{"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/posts\/209","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/comments?post=209"}],"version-history":[{"count":8,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/posts\/209\/revisions"}],"predecessor-version":[{"id":1215,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/posts\/209\/revisions\/1215"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/media\/213"}],"wp:attachment":[{"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/media?parent=209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/categories?post=209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/tags?post=209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}