The lawsuit was brought in 2012 by Jennifer Collier, who claimed that rather than charging overdraft fees on her actual account balance, the bank incorrectly charged overdraft fees based on the ledger balance in her account or the amount available at the beginning of the day.
If approved, the settlement will provide compensation to a class of National Penn Bank customers who were incorrectly charged overdraft fees. Collier, as lead plaintiff, would receive a $2,500 award for service.
National Penn was purchased by BB&T Corp., nearly two years ago. The proposed settlement comes after several rounds of briefing and appeals to both the state’s Superior Court and its Supreme Court.
The case is Jennifer Collier v. National Penn Bank et al., case number 120601036, before the Court of Common Pleas of Philadelphia County, Pennsylvania.