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Customers whom Florence Bank charged certain overdraft or non-sufficient funds fees between April 12, 2018, and Feb. 12, 2024, may be eligible to receive a payment from a class action settlement.
Florence Bank agreed to pay $390,881 to settle a class action lawsuit alleging the bank improperly charged its account holders specific overdraft and NSF fees. The lawsuit claimed Florence Bank assessed fees on transactions that had already incurred an NSF fee and charged overdraft fees on debit card transactions it authorized with a positive balance but settled with a negative balance (APSN fee)
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Who are the class members?
Class members must meet the following criteria:
- They held a personal or business checking account with Florence Bank
- Florence Bank charged them at least one of the following fees during the class period:
- An overdraft or NSF fee on an item that previously incurred an NSF fee (retry fee)
- An overdraft fee on a debit card transaction that Florence Bank authorized with a positive balance but settled with a negative balance
The settlement divides the class into two groups:
- Retry class: All Florence Bank account holders whom Florence Bank charged one or more retry fees from April 12, 2018, through Feb. 12, 2024
- APSN class: All Florence Bank account holders whom Florence Bank charged one or more APSN fees during the class period from April 12, 2018, through June 5, 2023
The settlement administrator used Florence Bank's records to identify individuals whom the bank assessed a challenged fee. The settlement class includes iIndividuals who received a postcard or email notice about this settlement.
How much can class members get?
The total settlement fund is $390,881. After deducting attorneys’ fees, litigation costs, service awards to class representatives and settlement administration costs, the settlement administrator will distribute the remaining amount to class members.
The administrator will calculate each class member’s payment on a pro rata basis, meaning the amount they receive depends on the total amount of eligible fees they paid compared to the total all class members paid.
Class members will not receive more than the total amount of fees they paid, and they may receive less.
No action needed to receive compensation
Class members do not need to file a claim to receive payment. There is no online or PDF claim form to submit. The settlement administrator used Florence Bank’s records to identify eligible class members and calculate payments.
Payout options
- For class members who have an active account with Florence Bank: Payment deposited directly into their account
- For class members who no longer have an account with Florence Bank: Check mailed to their last known address
- Class members must cash their checks within 180 days or the settlement distributor may redistribute funds to other class members or donate them to the Massachusetts IOLTA Committee.
Settlement fund breakdown
The $390,881 settlement fund includes:
- Settlement administration costs: Amount not specified
- Attorneys’ fees and expenses: Up to $130,293.67
- Service awards to class representatives: Up to $5,000 each ($15,000 total)
- Payments to eligible class members: Remainder of the settlement fund
Important dates
Final approval hearing: Dec. 15, 2026
When is the Florence Bank fees settlement payout date?
The settlement administrator will issue payments to eligible class members 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 Florence Bank improperly charged certain overdraft and NSF fees, specifically retry fees and APSN fees. The plaintiffs claimed these fees violated account agreements and applicable law.
Florence Bank denied any wrongdoing but agreed to settle to avoid the cost and risk of continued litigation.
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