U.S. Bank (USB) will pay $55 million to settle overdraft litigation against it, according to a filing in Southern Florida U.S. District Court.

Plaintiffs in the case alleged that the bank, along with dozens of its peers, manipulated the order in which customers' debit card payments were processed at the end of each day. By subtracting the largest amounts from a customer's accounts first, banks accelerated the depletion of their accounts and caused customers to rack up more overdraft fees.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.