PNC Bank settles overdraft case for $90 million
MIAMI — PNC Bank has reached a $90 million settlement in a class-action lawsuit over excessive overdraft fees, the latest of several big banks to do so.
The agreement was filed Tuesday in Miami federal court. It must be approved by Senior U.S. District Judge James Lawrence King, who is overseeing similar lawsuits that were consolidated against about 30 banks.
Lawyers say details in the PNC deal will be filed within 45 days.
JP Morgan Chase, Bank of America, TD Bank and others have reached similar agreements.
The lawsuit claims banks improperly processed debit card transactions to maximize the overdraft fees customers paid. The PNC settlement says the Pittsburgh-based bank is not admitting liability.