» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 127 | NO. 69 | Monday, April 09, 2012

BancorpSouth Settles Overdraft Lawsuit for $1.75M

AP

Print | Front Page | Email this story | Comments ()

TUPELO, Miss. (AP) – BancorpSouth will to pay $1.75 million to settle a class action lawsuit related to improper overdraft fees.

The Northeast Mississippi Daily Journal reports that the Tupelo-based bank also will make changes to its overdraft practices.

BancorpSouth says in a statement that it pleased with the federal court's preliminary approval of the settlement. The bank says it did nothing wrong.

The lawsuit, filed in federal court in Arkansas, alleged BancorpSouth assessed non-sufficient funds fees and overdraft fees on debit card and check purchases and ATM withdrawals in a number of ways that were "unlawful."

The lawsuit said BancorpSouth processed the largest transaction first instead of processing the transactions as they are received. The lawsuit alleges the action was taken to maximize the number of non-sufficient funds fees and overdraft fees.

Information from: Northeast Mississippi Daily Journal, djournal.com

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 136 5,209
MORTGAGES 0 182 6,891
FORECLOSURE NOTICES 0 50 1,606
BUILDING PERMITS 0 328 12,307
BANKRUPTCIES 0 175 5,475
BUSINESS LICENSES 0 58 2,119
UTILITY CONNECTIONS 0 182 7,240
MARRIAGE LICENSES 0 43 1,501

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.