Is your bank on the list? See if you qualify for a cash payout from this $4.5 million settlement!
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In a world where every penny counts, especially for those who have seen a few more seasons, news of unexpected cash coming our way can be as refreshing as a spring breeze.
If you've ever felt the sting of an overdraft fee when you were certain your balance was in the black, you might just be in for some good news.
Banks are finally being held accountable for unfair charges, and you could be eligible for a refund.
Cadence Bank, a financial institution serving customers across several states, has agreed to a hefty $4.5 million settlement over claims of charging “unfair overdraft” fees.
From January 11, 2019, to November 15, 2023, Cadence Bank allegedly imposed overdraft fees on debit card transactions even when accounts had sufficient funds at the time of purchase.
These fees, known as “ASPN fees,” became the center of a class action lawsuit claiming that the bank's practices were unjust.
Cadence Bank has more than 400 locations in several states including Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee and Texas, in addition to the Midwest.
While Cadence Bank has not admitted to any wrongdoing, they've chosen to settle the lawsuit to put the allegations to rest. This settlement means that eligible customers who were charged these ASPN fees could see a slice of the $4,500,000 pie.
The settlement's terms dictate that eligible class members will receive a proportional share of the total settlement fund based on the amount they paid in ASPN fees during the specified period.
For instance, if you were charged $1,000 in fees, your settlement share would be double that of someone who paid $500.
But wait, there's more! Cadence Bank has also agreed to forgive up to $682,000 in unpaid ASPN fees, bringing the total value of the settlement to a whopping $5,182,000.
Separate from this settlement, Cadence Bank faces another class action lawsuit accusing them of overcharging customers for ATM withdrawal fees.
However, for those involved in the overdraft fee case, there's a clear path to claiming your share.
If you've received a notification via email or postcard, congratulations—you're automatically a class member.
This means you'll receive the settlement payment you're entitled to without lifting a finger, unless you choose to exclude yourself from the settlement.
The deadline to opt-out or exclude yourself from the settlement is March 17, 2025.
Mark your calendars, because this is a date you don't want to forget if you prefer to take separate legal action or if you simply want to wash your hands of the matter.
Recommended for you: Claim your share of a $2.5 million settlement—see if you’re eligible before the deadline
Have you ever been hit with a bank fee that didn't seem quite right? Are you part of this settlement, or have you been involved in a similar situation? Share your experiences and tips for managing bank fees in the comments below!
If you've ever felt the sting of an overdraft fee when you were certain your balance was in the black, you might just be in for some good news.
Banks are finally being held accountable for unfair charges, and you could be eligible for a refund.
Cadence Bank, a financial institution serving customers across several states, has agreed to a hefty $4.5 million settlement over claims of charging “unfair overdraft” fees.
From January 11, 2019, to November 15, 2023, Cadence Bank allegedly imposed overdraft fees on debit card transactions even when accounts had sufficient funds at the time of purchase.
These fees, known as “ASPN fees,” became the center of a class action lawsuit claiming that the bank's practices were unjust.
Cadence Bank has more than 400 locations in several states including Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee and Texas, in addition to the Midwest.
Cadence Bank has agreed to pay a $4.5 million settlement over allegations of charging unfair overdraft fees. Image source: Alexander Mils / Unsplash.
While Cadence Bank has not admitted to any wrongdoing, they've chosen to settle the lawsuit to put the allegations to rest. This settlement means that eligible customers who were charged these ASPN fees could see a slice of the $4,500,000 pie.
The settlement's terms dictate that eligible class members will receive a proportional share of the total settlement fund based on the amount they paid in ASPN fees during the specified period.
For instance, if you were charged $1,000 in fees, your settlement share would be double that of someone who paid $500.
But wait, there's more! Cadence Bank has also agreed to forgive up to $682,000 in unpaid ASPN fees, bringing the total value of the settlement to a whopping $5,182,000.
Separate from this settlement, Cadence Bank faces another class action lawsuit accusing them of overcharging customers for ATM withdrawal fees.
However, for those involved in the overdraft fee case, there's a clear path to claiming your share.
The settlement relates to charges applied to debit card transactions between January 11, 2019, and November 15, 2023, known as “ASPN fees.” Image source: Eduardo Soares / Unsplash.
If you've received a notification via email or postcard, congratulations—you're automatically a class member.
This means you'll receive the settlement payment you're entitled to without lifting a finger, unless you choose to exclude yourself from the settlement.
The deadline to opt-out or exclude yourself from the settlement is March 17, 2025.
Mark your calendars, because this is a date you don't want to forget if you prefer to take separate legal action or if you simply want to wash your hands of the matter.
Recommended for you: Claim your share of a $2.5 million settlement—see if you’re eligible before the deadline
Have you ever been hit with a bank fee that didn't seem quite right? Are you part of this settlement, or have you been involved in a similar situation? Share your experiences and tips for managing bank fees in the comments below!
