A $1.5 million class action settlement has been reached regarding claims that Popular Bank charged overdraft fees on certain debit card or ATM transactions.
This settlement benefits Popular Bank checking account holders who were charged an overdraft fee between May 13, 2016, and July 26, 2024, and did not receive a refund. It also includes individuals who incurred overdraft fees for transactions authorized against sufficient funds after April 16, 2020, as well as those charged overdraft fees for transactions authorized before April 15, 2020.
The plaintiffs in the class action claimed that Popular Bank violated its account agreement by charging overdraft fees on transactions known as Authorize Positive, Settle Negative (APSN) Transactions. These transactions occurred when a bank charged an overdraft fee on a transaction that overdraws the account when it clears, even though it was initially authorized with enough available funds.
Popular Bank provides personal and business checking accounts, savings accounts, and lending products such as mortgages.
Settlement Details
Class members will receive a pro-rata share of the net settlement fund based on the amount of overdraft fees they paid during the class period. Current account holders will receive their payment as an account credit, while former account holders will receive a check. Payment amounts are not yet available.
Important Dates
No claim form is required for the Popular Bank settlement. Class members who do not exclude themselves by the deadline will automatically receive their settlement payments.
Eligibility
- Popular Bank checking account holders who were charged and not refunded an overdraft fee between May 13, 2016, and July 26, 2024.
- Individuals who were charged overdraft fees for transactions authorized against positive funds on or after April 16, 2020, and those charged overdraft fees for transactions authorized on or before April 15, 2020.
Potential Award
Varies
Proof of Purchase
N/A
Claim Form Deadline
December 9, 2024
Case Name
Lipsett v. Banco Popular North America, Case No. 22-cv-3901, in the U.S. District Court for the Southern District of New York
Final Hearing
January 7, 2025
Settlement Website: LipsettOverdraftSettlement.com
Please be aware that your claim form will be rejected if it contains fraudulent information. By submitting your information and your sworn statement of its accuracy, you are agreeing to do so under penalty of perjury. Submitting false information not only jeopardizes your claim but also affects others who are genuinely eligible for the settlement. If you are uncertain about your eligibility for this class action settlement, please visit the class action administrator’s website for more information. Note that NoProofClassActions.org participates in the Amazon affiliate advertising program, and this post may include affiliate links, which could result in us earning a commission if you make a purchase through those links.