UMB Financial Corp. in Kansas City, Mo., said late Wednesday that it would pay $7.8 million to settle a lawsuit over overdraft fees.

The settlement needs approval from the Jackson County Circuit Court in Missouri, UMB said in a regulatory filing. The lawsuit, filed last year, claimed that the bank manipulated the handling of deposits and withdrawals on consumer accounts to boost overdraft fees.

UMB, which did not admit wrongdoing, agreed to establish an escrow settlement fund.

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