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VOL. 127 | NO. 69 | Monday, April 09, 2012

BancorpSouth Settles Overdraft Lawsuit for $1.75M

AP

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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 This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 73 391 11,120
MORTGAGES 88 481 13,903
FORECLOSURE NOTICES 0 0 2,278
BUILDING PERMITS 198 969 24,034
BANKRUPTCIES 54 288 8,432
BUSINESS LICENSES 29 126 3,771
UTILITY CONNECTIONS 67 536 13,457
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