Bankers Trust $550,000 Banking Class Action Settlement

Consumers whom Bankers Trust Co. charged certain overdraft fees between Dec. 1, 2016, and April 3, 2023, may be eligible to receive a cash payment and/or debt forgiveness from a class action settlement.

Bankers Trust Co. agreed to pay $550,000 and forgive $14,283.26 in debt to resolve a class action lawsuit alleging it improperly assessed overdraft fees on certain debit card and ATM transactions.

Who are the class members?

Individuals are considered class members if Bankers Trust Co. charged them one or more of the following fees during the relevant periods:

• Overdraft fees on debit card transactions authorized when there was a sufficient available balance (called APSN fees) between Dec. 1, 2016, and April 3, 2023
• Overdraft fees for one-time debit card transactions and ATM transactions (called Reg-E fees) between Dec. 1, 2022, and April 3, 2023

Additional details:

• The settlement includes current or former account holders.
• If individuals received a postcard or email notice about this settlement, Bankers Trust Co.’s records indicate they are a class member.
• The settlement administrator will use the bank’s records to determine eligibility and calculate the amount class members may receive.

How much can class members get?

Pro rata payment: The settlement administrator will distribute the net settlement amount on a pro rata basis after deductions for attorneys’ fees and expenses, administration costs and a service award for the class representative. The amount each class member receives depends on the total amount of challenged fees they paid during the class period, as well as the total amount all class members paid.

If there are leftover funds after the first distribution, the settlement administrator may make additional distributions to those who cashed their checks or received credits until it is no longer feasible due to administrative costs. It will then donate any remaining funds to Habitat for Humanity or another court-approved charity.

No action needed to receive payment

Class members do not need to file a claim to receive compensation. Those who are eligible and do not exclude themselves will automatically receive a settlement check, account credit or debt forgiveness after the court grants final approval to the settlement.

There is no online claim form or downloadable PDF claim form.

However, class members whose address has changed should contact the settlement administrator at 844-496-1128 or info@BTSettlement.com to update their information and ensure they receive payment.

Payout options

• Current account holders will receive their payment as a credit to their Bankers Trust Co. account.
• Former account holders or those whose account credit fails will receive a check by mail.
• Bankers Trust Co. will apply debt forgiveness to class members' uncollected overdraft fees.

$550,000 settlement fund breakdown

The $550,000 settlement fund includes:

• Settlement administration costs: To be determined
• Attorneys’ fees: Up to $188,094
• Attorneys’ expenses: To be determined
• Service award to class representative: Up to $5,000
• Payments to eligible class members: Remainder of the fund

Bankers Trust Co. will pay $14,283.26 in debt forgiveness separate from the $550,000 cash fund.

Important dates

• Opt-out deadline: Nov. 17, 2025
• Final approval hearing: Dec. 17, 2025

When is the Jones v. Bankers Trust Co. payout date?

The settlement administrator will issue payments approximately 35 days after the court resolves any appeals and grants final approval of the settlement.

Why did this class action settlement happen?

The class action lawsuit alleged Bankers Trust Co. improperly assessed overdraft fees on certain debit card and ATM transactions, specifically:

• Overdraft fees on debit card transactions authorized on a sufficient available balance (APSN fees)
• Overdraft fees for one-time debit card transactions and ATM transactions (Reg-E fees)

Bankers Trust Co. denied any wrongdoing. Both sides agreed to settle to avoid the expense and uncertainty of continued litigation.

Sources

1. Class notice
2. Settlement agreement
3. Settlement FAQ