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Thu Dec 13, 2012, 10:31 AM

 

Refunds soon on the way to some credit card, debit card customers

Source: Pittsburgh Tribune-Review

At least 3 million customers of PNC Bank and Citizens Bank, including many in Western Pennsylvania, should receive a share of $227 million in settlement money starting in mid-2013.

The amount is related to allegations in federal lawsuits that the banks manipulated the sequence of debit card transactions in order to maximize overdraft fees.

The cases against PNC and Citizens are among several class-action lawsuits brought in the last couple of years against major banks including Bank of America, Wells Fargo, JPMorgan Chase and Citibank in federal court in Miami which made similar claims.

Settlement payments by those banks to customers likely will start early in the new year.

Read more: http://triblive.com/business/headlines/3111369-74/million-bank-card



Vultures.

4 replies, 1491 views

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Reply Refunds soon on the way to some credit card, debit card customers (Original post)
Welcome_hubby Dec 2012 OP
midnight Dec 2012 #1
bemildred Dec 2012 #2
Victor_c3 Dec 2012 #3
Selatius Dec 2012 #4

Response to Welcome_hubby (Original post)

Thu Dec 13, 2012, 10:37 AM

1. I wonder if refunds will be handed out to customers who were seeking relief from underwater

mortgages, but were charged more?

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Response to Welcome_hubby (Original post)

Thu Dec 13, 2012, 10:44 AM

2. I had US Bank try that on me.

My check had not shown up after three weeks, and it's almost closing time, so I pay the balance off by direct deposit, and son-of-a-gun, next day my check gets posted.

Needless to say, I will get a new card.

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Response to Welcome_hubby (Original post)

Thu Dec 13, 2012, 10:50 AM

3. Geeze, I got nailed by that exact thing with Citizens bank before I dropped them about a year ago

I'll probably be getting a little check in the mail then. I got burned a couple of times.

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Response to Welcome_hubby (Original post)

Thu Dec 13, 2012, 11:33 AM

4. I would've loved to see these bankers go to prison for wire fraud and accounting fraud.

But that probably would've meant a legal war costing countless millions and many years just fighting these bankers into a prison cell. It would've been loud, very public, and very messy, but that's what I think should've been done.

Then, these banks in question should've been liquidated, its assets divided up among major creditors and the depositors.

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