CLEVELAND - Customers who paid overdraft fees to FirstMerit Bank could be eligible for a refund by the bank, following a class action lawsuit.
A $15,975,000 settlement has been reached in a class action lawsuit about the order in which FirstMerit Corporation and FirstMerit Bank, N.A., (collectively, “FirstMerit”) posted Debit Card Transactions (including ATM transactions) to consumer deposit accounts from March 16, 2005, to August 13, 2010, and the alleged effect the posting order had on the number of Overdraft Fees charged to account holders.
On August 16, 2016, FirstMerit was merged into Huntington Bancshares Incorporated and The Huntington National Bank, who are the “Defendants.”
The Defendants maintain that there was nothing wrong with the posting process used and that FirstMerit complied, at all times, with applicable laws and regulations and the terms of the account agreements with its customers.
The Settlement creates a Cash Settlement Fund of $8,975,000 and a Debt Forgiveness Settlement Fund of $7,000,000. Eligible Class Members must file a claim to receive a payment from the Cash Settlement Fund.
The Court in charge of this case still has to decide whether to approve the Settlement. Cash payments and debt forgiveness will be provided if the Court approves the Settlement and after any appeals are resolved.