HSBC Settles Class Action Lawsuit Over Overdraft Fees

HSBC

The class action lawsuit claimed that as a regular practice, HSBC allowed customers to use their debit cards to make purchases when their accounts were insufficient in order to charge an overdraft fee of $35. In addition, the plaintiffs alleged that HSBC used a software program to re-order transactions automatically which would lead to more overdraft

The HSBC class action settlement include all HSBC customers in the U.S. who incurred one or more overdraft fees on their HSBC account as a result of posting transactions that included at least one debit card or point-of-sale transaction from highest to lowest dollar amount.

The Class period is between Dec. 17, 2004 and June 30, 2010 for consumer accounts and between Dec. 17, 2004 and Nov. 30, 2011 for business accounts.

Additional information can be found at https://www.hsbcoverdraftsettlement.com/