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Who's entitled to
refunds
and how to file a claim
By Pat
Curry • Bankrate.com
The best estimate is that the NationsBank class
action suit applies to about 1.4 million people who were hit with
multiple NSF (nonsufficient funds) or overdraft charges as a result
of checks processed from highest to lowest dollar amount. Chances
are, if you're eligible to file a claim, you've received a letter
in the last month telling you about the settlement.
Class members have or had checking accounts
at:
- NationsBank between May 16, 1997, and Aug.
31, 1999;
- Barnett Bank between May 6, 1994, and Jan.
9, 1998;
- Boatmen's National Bank between March 25,
1993, and Jan. 7, 1997, or
- Maryland National Bank between May 16, 1997,
and Aug. 31, 1999.
Also included are checking account customers
at any of their "predecessor or successor banks or related entities,"
specifically: Bank South, Fourth Financial Corp., Worthen Banks,
Sun World NA, Sun World Savings Bank, Sunwest Bank Inc., Charter
Bancshares Inc., Houston Independent Bank, LaPorte Bank, Glendale
Federal Bank, Cypress National Bank, First Florida Bank, Bluebonnet
Savings Bank, Empire Federal Savings Bank, Corpus Christi National
Bank, First American Bank and Trust, NationsBank Corp., Bank of
America Arizona, NationsBank NA, Bank of America New Mexico NA,
Boatmen's Bancshares Inc., National Bancshares Co., University Federal
Savings, C&S/Sovran Corp., MNC Financial Inc., America Corp.,
Maryland National Corp., Bank of America Texas NA, and Continental
Bank.
The class members' accounts are in Arkansas,
Arizona, Florida, Georgia, Illinois, Iowa, Kansas, Maryland, Missouri,
New Mexico, North Carolina, Oklahoma, South Carolina, Texas, Virginia
and the District of Columbia.
You're excluded from the class if you are an
employee of NationsBank, or if you had or have money manager checking
accounts or checking accounts that were or are analyzed to determine
fees.
If you haven't received a letter, but think
you might be eligible, you can leave a message at 1-888-811-0449
to get a claim form.
Filing a claim is a simple process, says Steven
A. Katz, the attorney representing the class in the suit.
You'll need to provide:
- Your name
- Social Security number
- The name of your bank
- The account number
- The approximate dates you had the account
- The approximate date or dates you were assessed
multiple NSF or overdraft charges from checks processed in a single
day (an event that tends to stand out in one's mind).
Sending a bank statement isn't necessary, and
probably isn't even helpful, Katz says.
Class members can file a claim and participate
or opt out of the class, get a lawyer to go after their own settlement,
or just forget the whole thing. The deadline to file a claim is
Dec. 31, 1999. The most you'll get is $50; it could be much less,
depending on how many charges you incurred and how many claims are
filed.
You may not get anything at all.
"A lot of people will get the forms who aren't
eligible," Katz said, "because it's darn near impossible to go through
the records and pluck out only the people who had a charge. People
who had multiple checks bounce on the same day are good candidates."
If you want to opt out and exclude yourself
from the settlement, you have to do that by Dec. 15.
The final hearing on the settlement is set for
U.S. District Court on Jan. 26. If the judge decides the settlement
is fair, the checks should start going out within a couple of months.
Pat
Curry is a freelance writer based in Georgia
-- Posted: Nov. 10, 1999
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