Woodforest National Bank Settles Claim by OCC

Woodforest National Bank, The Woodlands

 The Office of the Comptroller of the Currency has entered into a settlement with Woodforest National Bank, The Woodlands, Texas, that requires the bank to pay approximately $32 million in reimbursement to consumers who were harmed by the bank’s overdraft program. The settlement also requires the bank to pay a Civil Money Penalty of $1 million to the U.S. Treasury.

The settlement is based on the OCC’s conclusion that the bank engaged in unfair or deceptive practices that violated the Federal Trade Commission Act. Specifically, the bank assessed excessive amounts of overdraft fees and improperly assessed recurring fees, or “continuous overdraft fees” against certain consumers. In addition, in its marketing brochures the bank emphasized the free or low cost features of certain accounts while omitting information about costly features such as overdraft protection. The bank’s marketing also suggested that certain accounts were well-suited for consumers who had previous difficulty in managing their bank accounts, while omitting information about the high-cost features of its overdraft protection.

In addition to providing reimbursement to consumers who were harmed by the overdraft program and paying a Civil Money Penalty, the bank also agreed to change its overdraft program in order to correct any violations of law.


Genevieve G. said
404 days ago
Woodforest overdraft fees were horrible & would keep my account in negative status, even after payroll deposits. Sometimes I'd be charged 3x for the same item, whether it was covered or not.


Enlor P. said
223 days ago
What have to be done to join the Class Action?


preston w. said
217 days ago
I LEFT THIS BNK DUE TO THE OVERDRAFT CORRUPTION THEY HAD TAKEN MY HOLE PAYCHECK AT TIMES AND TAKEN MY CREDIT CARDS
PAYMENT BACK AFTER IT HAD POSTED TO MY CR CARD THEREFORE CAUSING ME TROUBLES. I HAVE THE OVERDRAFT ON MY CRDIT REPORT NOW AND HAD STOPPED ANY PAYMENTS TO IT.


Patricia M. said
108 days ago
What do I need to do to be a part of this suit? When will this be settled?
Patricia M.


CHRISTINE K. said
89 days ago
I received a card informing me I was entitled to comp from this lawsuit. Will I ever get it?


Glena P. said
64 days ago
What a Joke!!!!! I got my "settlement" today.....after being over charged tons of money and it was $19.17!!!!!! the Lawyers for this class action suit got over 2 million.....we were just used as pawns so they could get their big check!


Loa T. said
63 days ago
Im the same way this got to be joke i only get 90.00 dollars from this settlement after all the years i being with this bank they owed me big time and its funny how they just hold on to this customer money and not even refund there money back until somebody take actions never again will i ever be with this bank


jerald J. said
3 hours ago
Yes. And woodforest bank holds transaction so the can get overdraft fees.

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