UMB Bank Reaches Potential $7.8M Settlement in Overdraft Class Action

This is a settlement for the UMB Bank lawsuit.

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New York, NY: A $7.8M settlement has been agreed by UMB Financial Corp, potentially ending the class action lawsuit brought against it in April 2010. The suit alleged that UMB Bank, a subsidiary of UMB Financial Corp, unfairly charged overdraft fees by treating pending deposits differently than pending withdrawals, thereby rearranging withdrawals to maximize overdraft fees.

The settlement is pending approval by Jackson County Circuit Court.

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