US Bancorp settles overdraft fee case for $55 million
Source: Reuters
Mon Jul 2, 2012 1:33pm EDT
(Reuters) - US Bancorp, one of the 10 largest U.S. banks, has agreed to pay $55 million to settle lawsuits accusing it of imposing excessive overdraft fees on customers.
The settlement by the Minneapolis-based lender was revealed on Monday, six days after a $90 million accord with similarly-sized PNC Financial Services Group Inc was announced.
It is part of nationwide customer litigation against 35 lenders over the fees, which are typically assessed when customers overdraw their checking accounts by using debit cards.
Brought on behalf of millions of customers, the lawsuits accused banks of ordering transactions from largest to smallest, rather than processing them in chronological order. They said this let banks charge overdraft fees, which are typically $25 to $35, sooner and more often because account balances fell faster.
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Read more: http://www.reuters.com/article/2012/07/02/us-usbancorp-overdraft-settlement-idUSBRE86110Z20120702
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those teeny-weeny bitty slaps on their hands weren't too painful. 
of the income and wealth trickles upward and are not subject to equitable taxation. 
