$240M SunTrust overdraft fees class action settlement

SunTrust Bank, now known as Truist Bank, has agreed to a $240 million class action lawsuit settlement to resolve claims it charged illegal overdrafts on ATM and debit card transactions which harmed Georgia consumers.

The SunTrust settlement benefits Georgia citizens who had one or more accounts with SunTrust Bank that were not closed before June 1, 2010, and who had at least one overdraft of $500 or less resulting from an ATM or debit card transaction between July 12, 2006, and April 15, 2014, paid any of excess fees as a result of the transaction and did not receive a refund of those fees.

According to a class action lawsuit, SunTrust Bank charged illegal overdraft fees on ATM and debit card transactions. Plaintiffs in the case say these fees violated Georgia’s usury laws, which limit the amount of interest a lender may charge.

SunTrust Bank, now known as Truist Bank, is a bank with locations in 11 states and the District of Columbia. The bank offers checking and savings accounts, loans, credit cards and other financial services.

SunTrust Bank has not admitted any wrongdoing but agreed to a $240 million class action settlement to resolve these allegations.

Under the terms of the SunTrust settlement, class members can receive a cash payment based on the amount they paid in overdraft fees. Exact payments will vary, but class members are estimated to receive between $5 and $1,000. Rewards associated with joint accounts may be split amongst the eligible account owners.

The deadline for exclusion and objection is April 20, 2026.

The final approval hearing for the settlement is scheduled for May 26, 2026.

To receive settlement benefits, class members must submit a valid claim form by Sept. 14, 2026.