US Bank just agreed to pay $55 million to settle accusations that it improperly manipulated debit card transactions to generate excess overdraft fee revenues.
And last year, Bank of America agreed to pay $410 million to settle similar claims, as part of multi-district litigation involving more than 30 different banks.
Earlier, JPMorgan Chase settled for $110 million, TD Bank for $62 million, PNC Bank for $90 million and Royal Bank of Scotland Group’s Citizens Financial for $137.5 million.
The banks that have settled have already agreed to pay a combined $864.5 million. Remaining banks include Citi and Wells Fargo which are likely to pay up big money.
