Customers of PNC Bank who got hit with overdraft fees in recent years because the bank reordered debit card transactions from highest dollar amount to lowest are receiving refunds under a class-action settlement approved last year.
The $90 million settlement, announced in 2012 and approved in August 2013, covers customers who had PNC accounts accessible by a debit card between Jan. 1, 2004, and Aug. 15, 2010.
The class action lawsuit involved a number of big banks nationwide, accusing them of improperly manipulating debit card purchases by re-sequencing them and clearing them from high-to-low. That practice, long decried by consumer groups, tends to drain an account more quickly and trigger the most overdraft fees.
Pittsburgh-based PNC said it stopped reordering debit card transactions and paper checks from high-to-low in December 2012, processing them instead in the order they are presented.
PNC customers eligible for a refund received a credit to their accounts Friday, according to a special website detailing the settlement. For eligible customers who no longer have accounts with PNC, refund checks began going out Friday.
For settlement details and answers to frequently asked questions visit www.pncbankoverdraftsettlement.com/en. Customers with questions may call toll free 1-877-264-9597 or email info@PNCBankOverdraftSettlement.com.
Patricia Sabatini: email@example.com or 412-263-3066.