If You Paid Overdraft Fees to First Tennessee Bank, You May Be Eligible for a Payment from a Class Action Settlement.

$16.75 million Settlement has been reached in a class action about the order in which First Tennessee Bank National Association (“First Tennessee”) posted Debit Card and ATM transactions to customer Accounts, the representations and disclosures made concerning the posting order, and the alleged effect the posting order had on the number of Overdraft Fees charged to Account holders. First Tennessee maintains that there was nothing wrong with either the posting process it used or the disclosures it made, and that it complied, at all times, with applicable laws and regulations and the terms of the account agreements with its customers.

Certain current and former holders of First Tennessee consumer Accounts are eligible for a payment or Account credit from the Settlement Fund.

The Settlement Class includes First Tennessee customers who had one or more consumer (non-business) Accounts and incurred an Overdraft Fee(s) during the Class Period as a result of First Tennessee’s practice of posting Debit Card and ATM transactions from highest to lowest dollar amount. The relevant Class Period is September 6, 2005 to February 20, 2013.

Your legal rights are affected whether you act or don’t act.

Summary of Your Legal Rights and Options in this Settlement
Receive a Payment or Account Credit If you are entitled under the Settlement to a payment or Account credit, you do not have to do anything to receive it. If the Court approves the Settlement and it becomes final and effective, and you remain in the Settlement Class, you will automatically receive a payment by check or Account credit.
Exclude Yourself from the Settlement Receive no benefit from the Settlement. This is the only option that allows you to retain your right to bring any other lawsuit against First Tennessee about the claims in this case.
Object Write to the Court if you do not like the terms of the Settlement.
Go to a Hearing Ask to speak in Court about the fairness of the Settlement.
Do Nothing You will receive any payment or Account credit to which you are entitled and will give up your right to bring your own lawsuit against First Tennessee about the claims in this case.

These rights and options — and the deadlines to exercise them — are explained here.

The Court in charge of this case approved the Settlement on April 20, 2017. Payments and Account credits were disbursed on June 23, 2017.

Important Dates

  • March 16, 2017
    Deadline to opt-out of the Settlement
  • March 16, 2017
    Deadline to object to the Settlement
  • April 20, 2017
    Final Approval Hearing
  • June 23, 2017
    Distribution of Settlement Awards