Swift v BancorpSouth Settlement

Bancorp South commenced account credit issuance to Settlement Class Members who have a current BancorpSouth account on October 21, 2016. If you are a Settlement Class Member with a current BancorpSouth account, please make sure to check your account statement to confirm that BancorpSouth issued a credit to your account.

The Settlement Administrator commenced settlement check issuance on October 21, 2016 to Settlement Class Members who no longer have a current BancorpSouth account.

You received a check or credit because it was determined you were a member of the Settlement Class that: (1) had one or more BancorpSouth consumer checking Account in the states of Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee, Texas; and (2) were charged Overdraft fees as a result of BancorpSouth’s practice of posting Debit Card Transactions from highest to lowest dollar amount; and (3) had two or more Overdraft Fees assessed on one or more days during the time periods listed as follows:

• Alabama—May 18, 2004 to August 13, 2010
• Arkansas—May 18, 2005 to August 13, 2010
• Florida—May 18, 2006 to August 13, 2010
• Louisiana—May 18, 2003 to August 13, 2010
• Mississippi—May 18, 2007 to August 13, 2010
• Missouri—May 18, 2007 to August 13, 2010
• Tennessee—May 18, 2004 to August 13, 2010
• Texas—May 18, 2006 to August 13, 2010

BancorpSouth agreed to establish a Settlement Fund of $24 million from which Settlement Class Members will receive settlement checks or account credits. The amount of your check or credit was based on the number of Settlement Class Members and the amount of Relevant Overdraft Fees each Settlement Class Member paid.

If you received a notice of the Settlement and you have a current BancorpSouth account but did not receive a credit, please make sure to check your account statement or for a credit that was applied by BancorpSouth on September 21, 2016.

If you received a notice of the Settlement, and you do not have a current BancorpSouth account, and but did not receive a settlement check, your check may have returned to the Settlement Administrator as undeliverable. You should submit a signed written request to the Settlement Administrator following the instructions in FAQ 9.

BancorpSouth established a Settlement Fund of $24 million from which Settlement Class Members received settlement checks or account credits. Costs and fees related to Settlement and Notice administration were paid out of the $24 million Settlement Fund, as well as a Service Award for the Plaintiff, attorneys’ fees for Class Counsel, and reimbursement of litigation expenses, as approved by the Court.

Award calculations were done separately for each individual Settlement Class Member using each class member’s own account and Overdraft Fee history and applying the formula set forth in the Court-approved Settlement Agreement. Not every Overdraft Fee that was charged is eligible for payment under this Settlement; in general, only those Overdraft Fees that would not have been assessed but for the high to low posting order were eligible for compensation under the Settlement. Only a small percentage of all Overdraft Fees charged to BancorpSouth customers were affected by high to low posting. And, of the Overdraft Fees that were eligible, only a portion or a percentage of those fees is payable to each Settlement Class Member as their pro rata share of the Net Settlement Fund.

The Settlement Agreement is available here and describes, in detail, the calculation and allocation of Settlement Funds.

No. The deadline to object to the settlement was June 2, 2016. The Court approved the Settlement on July 15, 2016 and it is no longer possible to object to the Settlement.

No. Only Settlement Class Members who no longer have a current BancorpSouth account will receive a settlement check.

If your Settlement check is for $100 or more, it has a “For Deposit Only” restriction as a fraud prevention measure. The settlement check may be cashed, deposited, or otherwise negotiated at any bank or financial institution (like a credit union) that is not a check cashing agency or money servicing business.

Your check will be reissued in an upcoming distribution if supporting documentation is received in time.

To submit a request a replacement check, you must mail a signed request to the Settlement Administrator at: BancorpSouth Overdraft Settlement, PO Box 3719, Portland, OR 97208-3719, asking that a replacement check be issued and mailed to you. This process may take considerable time due to mailing, processing and reissuing, so we ask for your patience.

If you cannot return the original check to the Settlement Administrator, your replacement check can only be issued and mailed to you after the original check passes its 180-day stale date.

To update your address, please submit a change of address request in writing to info@bancorpsouthoverdraftlitigation.com. Be sure to include your full name, current mailing address, and former mailing address.

To submit a request for a replacement check, please submit a signed written request for a reissued check to the Settlement Administrator at:

BancorpSouth Overdraft Settlement
PO Box 3719
Portland, OR 97208-3719

Your check will be reissued in an upcoming distribution if supporting documentation is received in time.

First, please go to the bank or financial institution in which you are a current account holder as they may negotiate the settlement check if you present documentation regarding the status of the primary account holder and your status as the beneficiary/executor.

If your bank or financial institution will not negotiate the check as-is, please return the original check and a copy of the deceased primary account holder’s death certificate to the Settlement Administrator along with a letter signed under penalty of perjury, swearing that you are lawfully designated to receive the funds on behalf of the deceased account holder. Please return the original check, your written reissue request and any supporting documentation to

BancorpSouth Overdraft Settlement
PO Box 3719
Portland, OR 97208-3719

Your check will be reissued in an upcoming distribution if supporting documentation is received in time.

First, please go to the bank or financial institution in which you are a current account holder as they may negotiate the settlement check if you present documentation regarding the status of your name change. If your bank or financial institution will not negotiate the check as-is, please return the original check along with a signed written request for a reissue to the Settlement Administrator at:

BancorpSouth Overdraft Settlement
PO Box 3719
Portland, OR 97208-3719

Please include instructions for the name that should be included on the replacement check.

Your check will be reissued in an upcoming distribution if supporting documentation is received in time.

First, please go to the bank or financial institution in which you are a current account holder as they may negotiate the settlement check if you present documentation regarding your authority. If your bank or financial institution will not negotiate the check as-is, please return the original check along with a signed written request for a reissue and documentation regarding your authority to represent the claimant or claimant’s estate to the Settlement Administrator at:

BancorpSouth Overdraft Settlement
PO Box 3719
Portland, OR 97208-3719

Please include instructions for the name that should be included on the replacement check.

Your check will be reissued in an upcoming distribution if supporting documentation is received in time.

Please return the original check to the Settlement Administrator with a written request for a split check reissue at:

BancorpSouth Overdraft Settlement
PO Box 3719
Portland, OR 97208-3719

Please find the split reissue request form here, complete and email it to the Settlement Administrator at info@bancorpsouthoverdraftlitigation.com. The combined award will be divided between each award recipient named on the original check and mailed separately.

Your check will be reissued in an upcoming distribution if supporting documentation is received in time.

A court authorized this Settlement Website because you have a right to know about the proposed Settlement of this class action lawsuit, and about all of your options, before the Court decides whether to give Final Approval to the Settlement. This website explains the lawsuit, the Settlement and your legal rights.

Senior Judge Maurice Paul of the U.S. District Court for the Northern District of Florida is overseeing this case. The case is known as Swift v. BancorpSouth Bank, Case No. 1:10-cv-90-MMP (the “Action”). The Action is one of a number of similar lawsuits previously consolidated in proceedings known as In Re: Checking Account Overdraft Litigation, 1:09-MD-02036-JLK. The person who sued is called the “Plaintiff.” The Defendant is BancorpSouth Bank.

The lawsuit claims that BancorpSouth posted Debit Card Transactions in the order of highest to lowest dollar amount, which Plaintiff argues results in an increased number of Overdraft Fees assessed to customers. The complaint is posted here and contains all of the allegations and claims asserted against BancorpSouth. BancorpSouth maintains that there was nothing wrong with the posting process it used and that it complied, at all times, with applicable laws and regulations and the terms of the Account agreements with its customers.

“Account” means any consumer checking, demand deposit or savings account maintained by BancorpSouth in the United States linked to and/or accessible by a Debit Card during the Class Period and on which an Overdraft Fee could be applied.

“Overdraft Fee” means any fee or fees assessed to an Account resulting from item(s) paid because the Account had insufficient funds to cover the item(s). Fees charged to transfer funds from other accounts are excluded.

“Debit Card” means a card or similar device issued or provided by BancorpSouth, including a debit card, check card, or automated teller machine (“ATM”) card that can or could be used to debit funds from an Account by Point of Sale and/or ATM transactions.

“Debit Card Transaction” means any debit transaction effectuated with a Debit Card, including Point of Sale transactions (whether by PIN or signature/PIN-less) and ATM transactions. For avoidance of doubt, "Debit Card Transaction" does not include a debit transaction effectuated by paper or electronic check, by preauthorized transaction, by wire transfer or Automated Clearing House ("ACH") transaction, or a transfer to another account such as a credit card account or line of credit.

In a class action, one or more people called "class representatives" (in this case, Plaintiff Shane Swift) sue on behalf of people who have similar claims. The Court previously certified this case to proceed as a class action and designated Plaintiff Swift as Class Representative. All Class Members of the previously certified Class are members of the Settlement Class, except for those who timely excluded themselves from the Class by the Court-ordered deadline.

The Court has not decided in favor of either the Plaintiff or BancorpSouth. Instead, both sides agreed to the Settlement. By agreeing to the Settlement, the Parties avoid the costs and uncertainty of a trial, and Settlement Class Members receive the benefits described in FAQ 20 The Class Representative and their attorney think the Settlement is best for everyone who is affected.

If you previously received a “Notice of Pendency of Class Action” that was mailed and/or emailed to all Class Members in May 2013, and you did not previously opt out before the Court-ordered deadline, you are included in the Settlement Class. Also, if you recently received a notice of the Settlement from a postcard addressed to you, you are in the Settlement Class. If you did not receive a postcard with Settlement notice, you may still be in the Settlement Class, as described below.

You are included in the Settlement Class if you were a BancorpSouth Bank customer in the states of Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee, and Texas who had one or more consumer (non-business) Accounts and incurred an Overdraft Fee(s) during the applicable Class Periods set forth below as a result of BancorpSouth Bank’s practice of sequencing Debit Card and ATM transactions from highest to lowest dollar amount.

The Class Periods are as follows:

• Alabama—May 18, 2004 to August 13, 2010
• Arkansas—May 18, 2005 to August 13, 2010
• Florida—May 18, 2006 to August 13, 2010
• Louisiana—May 18, 2003 to August 13, 2010
• Mississippi—May 18, 2007 to August 13, 2010
• Missouri—May 18, 2007 to August 13, 2010
• Tennessee—May 18, 2004 to August 13, 2010
• Texas—May 18, 2006 to August 13, 2010

In order to have incurred an Overdraft Fee as a result of BancorpSouth’s practice of posting Debit Card Transactions from highest to lowest dollar amount, you must have had two or more Overdraft Fees assessed on one or more days during the time periods listed above. If this happened to you, you may be in the Settlement Class. If it did not happen to you, you are not a member of the Settlement Class. You may contact the Settlement Administrator at 1-800-420-2916 or info@bancorpsouthoverdraftlitigation.com if you have any questions as to whether you are in the Settlement Class.

A “Notice of Pendency of Class Action” was mailed and/or emailed to all identifiable Class Members in May 2013. That Notice informed Class Members of the Court’s decision to certify the case to proceed as a class action and established the definition of the Class. Another Notice in the form of a postcard was recently sent to the same group of Settlement Class Members, except those who previously opted out of the Class before the deadline, to inform them of the Settlement of the Action and their rights under the Settlement.

BancorpSouth has agreed to establish a Settlement Fund of $24 million from which Settlement Class Members will receive payments or Account credits. The Settlement Fund will also pay all attorneys’ fees, costs and expenses awarded to Class Counsel, and any Service Award to the Class Representative. The exact amount of Settlement Class Members’ payments or Account credits cannot be determined at this time. The exact amount cannot be determined until the notice process is complete and the Court makes a final decision on the amount of attorneys’ fees, costs and expenses awarded to Class Counsel and any Service Award to the Class Representative. However, if you received notice of the Settlement via a postcard in the mail, you were given a unique identifying number that you can use here to see an estimate of the amount of your payment or Account credit.

BancorpSouth will also pay up to $500,000 for Settlement administration and related costs separately; any remaining amounts will come out of the $24 million Settlement Fund.

If you are in the Settlement Class and entitled to receive a cash benefit, you do not need to do anything to receive a payment or Account credit. If the Court approves the Settlement and it becomes final and effective, you will automatically receive a payment by check or Account credit for your pro rata portion of eligible Overdraft Fees you paid during the time period covered by the Settlement.

Unless you exclude yourself from the Settlement Class, you cannot sue or be part of any other lawsuit against BancorpSouth about the legal issues in this Action. It also means that all of the decisions by the Court will bind you. The “Release of Claims” included in the Settlement Agreement describes the precise legal claims that you give up if you remain in the Settlement. The Settlement Agreement is available here.

The deadline to exclude yourself from the settlement was June 2, 2016. It is no longer possible to file a request for exclusion.

No. Unless you exclude yourself, you give up the right to sue BancorpSouth for the claims that the Settlement resolves. You must exclude yourself from this Settlement Class in order to try to pursue your own lawsuit.

No. You will not receive a payment or Account credit if you exclude yourself from the Settlement.

The Court has appointed a number of lawyers to represent you and others in the Settlement Class as “Settlement Class Counsel,” including:

Settlement Class Counsel will represent you and others in the Settlement Class. You will not be charged for these lawyers. If you want to be represented by your own lawyer, you may hire one at your own expense.

Class Counsel requested up 35% of the money in the Settlement Fund for attorneys’ fees, plus reimbursement of their expenses incurred in connection with prosecuting this Action. The fees and expenses awarded by the Court have been paid out of the Settlement Fund. The Court has determined the amount of fees and expenses to award. Class Counsel also requested $10,000 for the Class Representative be paid from the Settlement Fund for his service to the entire Settlement Class.

The deadline to object to the settlement was June 2, 2016. The Court approved the Settlement on July 15, 2016 and it is no longer possible to object to the Settlement.

The Court held a Final Approval Hearing at 1:30 p.m. on July 14, 2016, at the United States District Court for Northern District of Florida, Gainesville Division, located at 401 SE First Ave., Gainesville, FL 32601, Room 243.

The Court approved the Settlement on July 15, 2016.

The Final Approval Hearing has passed on July 14, 2016.

This website summarizes the proposed Settlement. More details can be found in the Settlement Agreement. You can obtain a copy of the Settlement Agreement here. You may also write with questions to BancorpSouth Overdraft Settlement, P.O. Box 3719, Portland, OR 97208-3719, or call the toll-free number, 1-800-420-2916.

Please do not contact BancorpSouth or the Court for information.