PNC $7.5 Million Overdraft Fee Deal Affirmed Over Objection (1)

PNC’s $7.5 million settlement with consumers who said a bank with which it merged assessed and collected overdraft fees improperly was affirmed over the objections of a class member, the Eleventh Circuit said on Wednesday.

Michael Dasher, a former customer of RBC Bank, accused the company of “high-to-low” posting, a way of restructuring customers’ debit transactions so that high value debits posted before low value ones, increasing the chance of overdrafts. RBC merged with PNC Bank in 2012, and PNC agreed to the $7.5 million settlement to resolve the claims.

The district court approved the settlement, and class member Stephanie ...