Trustmark National Bank in Shelby County, Tennessee has been hit with a class action lawsuit alleging that the bank engaged in unlawful practices with consumer checking accounts during its assessment of overdraft fees. The lawsuit claims that Trustmark, located in Jackson, Mississippi, has been involved in these unjust practices with the attempt to increase the number of overdraft fees imposed on its customers. According to the lawsuit Trustmark regularly enforces a policy wherein debit transactions are being posted to the customers’ accounts in order of largest to smallest by the amount of dollars, even when larger charges take place just days after the smaller charges. This practice increases the amount and number of overdraft fees thus increasing Trustmark’s revenues.
Trustmark National Bank caters to both business and personal banking services in Mississippi. It also provides mortgage loans to individuals and families as well as electronic/online and mobile banking services. Victims claim that Trustmark also acknowledges that their banking practices creates excessive overdraft fees. Complainants argue that Trustmark could simply program its software systems to lessen insufficient fund fees without the need for any expanded cost or risk to the bank itself, but instead Trustmark managed its systems to manipulate bank transactions into maximizing overdraft fee income. Plaintiffs claim that these unfair practices constitute breach of contract, unjust enrichment, conversion and breach of Trustmark’s obligation to act in good faith and to deal fairly with customers. Banks collect overdraft fees by misrepresentation of account balances as well as reordering of debits and credits to push consumers into overdraft. Many banks and credit unions are capitalizing on their customers’ unfortunate overdrawn bank accounts by routinely increasing overdraft fees.
Following the lawsuit against Trustmark for falsely collecting and assessing overdraft fees, the U.S. District Court for the Southern District of Mississippi acknowledged a settlement agreement. The parties involved negotiated a settlement and such settlement ordered Trustmark to pay the amount of $4 million in exchange for a release of claims. Trustmark also vowed to change its ways and methods of posting debit transactions for a span of two years. This settlement agreement was the result of good-faith negotiations and will provide immediate assistance to almost 150,000 class members. The class reaction to the settlement was extremely positive and the requested award paid counsel for their competency and experience, the results they acquired for the class along with the risks that comes with taking the case on a contingency. If you fell victim to Trustmark’s overdraft banking practices, please Contact Us and provide any details along with contact information. If you prefer to leave a voicemail you can call 1.858.236.9020. GetClassActionMoney.com can then forward these requests to our network of attorneys that may contact you if you are eligible for this a Class Action Lawsuit .In addition make sure you Subscribe to our mailing list to receive important updates regarding class action news and open cases.