Synovus Bank Overdraft Fee Settlement

Important Dates

• February 26, 2015
  Deadline to request exclusion (“opt-out”) from the Settlement
• February 26, 2015
  Deadline to object to the Settlement
• April 2, 2015
  Final Approval Granted
• July 6, 2015
  Settlement Checks and Customer Account Credits Issued

1. WHAT IS THE STATUS OF MY PAYMENT?

   Eligible Settlement Class Members who have a current Synovus Bank account received a customer account credit on July 6, 2015.

   Eligible Settlement Class Members who no longer have a current Synovus Bank account were mailed a settlement check on July 6, 2015. Please be patient in waiting for your check to arrive.

   Back To Top

2. WHY DID I RECEIVE A CHECK OR CREDIT?

   Pursuant to the terms of the Settlement, Settlement Class Counsel and their experts, under supervision by the Court, determined that you were an eligible Settlement Class Member who previously incurred eligible Overdraft Fees.

   If your Synovus Bank account is currently open, you received an account credit on July 6, 2015. If your Synovus Bank account has been closed, you received a check. The check or credit you received represents your pro rata share of the Net Settlement.

   Back To Top

3. WHY DIDN’T I RECEIVE A CHECK OR CREDIT?

   If you received postcard notice but did not receive a check or credit, then you are not eligible for a payment under the Settlement because your account was closed with a negative balance and the amount of the payment that would otherwise be provided for in the Settlement was insufficient to make the balance in that account positive.

   If you have an open Synovus Bank account, please make sure to double check your account statement and/or online banking for a credit that may have been applied by Synovus Bank on July 6, 2015.

   Back To Top

4. HOW WAS MY PAYMENT CALCULATED?

   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 Synovus Bank 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.

   Back To Top

5. CAN I DISPUTE MY AWARD OR RECEIVE MORE MONEY?

   No. The deadline to object to the Settlement was February 26, 2015. The Court approved the Settlement on April 2, 2015.

   Back To Top

6. CAN I REQUEST A CHECK INSTEAD OF AN ACCOUNT CREDIT?

   No. The Settlement Agreement specifies what categories of Settlement Class Members received an account credit or a mailed check. In general, Settlement Class Members who no longer have an Account received a mailed check, and Settlement Class Members who currently have an Account received an account credit.

   Back To Top

7. HOW DO I DEPOSIT MY CHECK THAT SAYS “FOR DEPOSIT ONLY”?

   If your Settlement check is for $100.00 or more, it has a “For Deposit Only” restriction as a fraud prevention measure. If you are unable to deposit the Settlement check into your bank account and/or unable to cash the check at another bank or check cashing agency, you may request that a replacement check be issued to you without "For Deposit Only".

   To request a replacement check, please return the original check to the Settlement Administrator at Synovus Bank Overdraft Settlement, PO Box 3230, Portland, OR 97208- 3230, accompanied by a signed written request asking that a replacement check be issued and mailed to you. Please include an instruction that the replacement check be issued to you without the ‘For Deposit Only’ restriction.

   You must submit your request no later than March 21, 2016.

   Back To Top

8. HOW CAN I RECEIVE A NEW CHECK IF I LOST MINE?

   If you have lost the Settlement check, you may request that a replacement check be issued and mailed to you. To request a replacement check, you must submit a signed written request to the Settlement Administrator at Synovus Bank Overdraft Settlement, PO Box 3230, Portland, OR 97208- 3230, asking that a replacement check be issued and mailed to you. The replacement check will be issued and mailed to you.

   You must submit your request no later than March 21, 2016.

   Back To Top

9. HOW CAN I HAVE MY CHECK REISSUED UNDER A NEW NAME (e.g. LAST NAME CHANGE)?

   First, please go to your financial institution in which you are a current account holder as they may deposit or cash the check if the documentation regarding the status of your name change is presented.

   If your bank will not deposit or cash your check, please return the original check to the Settlement Administrator at Synovus Bank Overdraft Settlement, PO Box 3230, Portland, OR 97208-3230, accompanied by a signed written request asking that a replacement check be issued and mailed to you. Please include instructions for the name that should be included on the replacement check. You do not need to provide documentation for the name change.

   You must submit your request no later than March 21, 2016.

   Back To Top

10. WHY IS THERE A NOTICE?

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

    Senior Judge James Lawrence King of the United States District Court for the Southern District of Florida is overseeing this case. This litigation is known as In re: Checking Account Overdraft Litigation, No. 1:09-md-02036-JLK and Childs et al. v. Synovus Bank et al., S.D. Fla. Case No. 1:10-CV-23938-JLK. The person who sued is called the “Plaintiff.” Synovus is the “Defendant.”

    Back To Top

11. WHAT IS THIS LITIGATION ABOUT?

    The lawsuits concern whether Synovus posted Debit Card Transactions in order from highest-to-lowest dollar amount to maximize the number of Overdraft Fees assessed to its customers. The lawsuits claim that, instead of declining transactions when an Account had insufficient funds to cover a purchase, Synovus authorized the transactions and then processed them in highest-to-lowest dollar order, which had the effect of increasing the number of Overdraft Fees the bank charged its customers.

    The complaint in the lawsuit is posted on this website and contains all of the allegations and claims asserted against Synovus. Synovus maintains there was nothing wrong about its approval of transactions or the posting process used.

    Back To Top

12. WHAT IS AN OVERDRAFT FEE?

    An Overdraft Fee is any fee assessed to an Account as a result of paying an item when the Account has an insufficient available balance to cover the item. Fees charged to transfer funds from other Accounts are excluded.

    Back To Top

13. WHY IS THIS A CLASS ACTION?

    In a class action, one or more people called “Class Representatives” (in this case, four Synovus customers who were assessed Overdraft Fees) sue on behalf of themselves and other people with similar claims. Together, all the people with similar claims (except those who exclude themselves) are members of a “Settlement Class.”

    Back To Top

14. WHY IS THERE A SETTLEMENT?

    The Court has not decided in favor of the Plaintiff or Synovus. Instead, both sides have agreed to a 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 this notice. The proposed Settlement does not mean that any law was broken or that Synovus did anything wrong. Synovus denies all legal claims in this case. Class Representatives and their lawyers think the proposed Settlement is best for everyone who is affected.

    Back To Top

15. WHO IS INCLUDED IN THE SETTLEMENT?

    If you received notice of the Settlement by a postcard addressed to you, then you are a Settlement Class Member. But even if you did not receive a postcard, you may be a Settlement Class Member, as described below.

    You are a member of the Settlement Class if you were a holder of a Synovus Bank Account (excluding Accounts opened or maintained at Georgia branches) who, during the Class Period applicable to the state in which the Account was opened, incurred one or more Overdraft Fees as a result of Synovus Bank’s High-to-Low Posting.

    The Class Periods by state are as follows:

    • For Accounts opened in Alabama and Tennessee, from August 14, 2004 through August 13, 2010;
    • For Accounts opened in Florida, from August 14, 2005 through August 13, 2010; and
    • For Accounts opened in South Carolina, from August 14, 2007 through August 13, 2010.

    Excluded from the Class are all current Synovus Bank employees, officers, directors, and the judge presiding over this Action.

    Back To Top

16. WHAT IF I AM NOT SURE WHETHER I AM INCLUDED IN THE SETTLEMENT?

    If you are not sure whether you are in the Settlement Class or have any other questions about the Settlement or call the toll-free number 1-888-236-0299. You may also send questions to Synovus Bank Overdraft, Settlement Administrator, PO Box 3230, Portland, OR 97208-3230.

    Back To Top

17. WHAT DOES THE SETTLEMENT PROVIDE?

    If the Settlement is approved and becomes final, it will provide benefits to Settlement Class Members who do not opt out of the Settlement. Synovus will pay $3,750,000 to a Settlement Fund to make payments to eligible Settlement Class Members, as well as to pay for attorneys’ fees, costs, expenses, and service award payments to the Class Representatives who initiated the lawsuit. Synovus has also agreed to pay $150,000 associated with Settlement expenses.

    If money remains in the Settlement Fund one year plus (30) thirty days after the Settlement Administrator sends the first Settlement Fund payment check to Settlement Class Members, it will be distributed as follows:

    • First, any residual funds shall be paid to Synovus to reimburse it for the $150,000 paid to cover costs associated with Settlement expenses;
    • Second, on a pro rata basis to participating Settlement Class Members who received Settlement Fund payments, if feasible and practical in light of the costs of administering such subsequent payments;
    • Third, if additional pro rata payments to participating Settlement Class Members are not feasible and practical, Settlement Class Counsel and counsel for Synovus Bank shall jointly file a proposed plan for distribution of the residual funds for consideration by the Court.

    Details on all of the Settlement benefits are available in the Settlement Agreement.

    Back To Top

18. HOW DO I RECEIVE A PAYMENT OR ACCOUNT CREDIT?

    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 or Account credit.

    Back To Top

19. HOW MUCH WILL MY PAYMENT BE?

    Any payment you are eligible to receive will be based on the number of Overdraft Fees charged to your Synovus consumer deposit Account as a result of posting Debit Card Transactions from high to low during the Class Periods. It is not possible to know at this point how much any Settlement Class Member’s payment from the Settlement will be. Payments will be based on the number of people in the Settlement Class and the amount of additional Overdraft Fees each Settlement Class Member paid as a result of the highest-to-lowest dollar posting order. Only a small percentage of all Overdraft Fees that were charged by Synovus were affected by High-to-Low Posting. So, not every Overdraft Fee that was charged is eligible for payment under this Settlement.

    Back To Top

20. WHEN WILL I RECEIVE MY PAYMENT?

    On July 8, 2015 Settlement Class Members who did not exclude themselves from the Class had their payments disbursed, either by Account credit or by check. If you are receiving your payment by check, it could take some time to reach you. Please be patient.

    Back To Top

21. WHAT AM I GIVING UP TO STAY IN THE SETTLEMENT CLASS?

    Unless you excluded yourself from the Settlement, you can’t sue or bring a claim against Synovus or be part of any other lawsuit against Synovus about the issues in this case. Unless you exclude yourself, all of the decisions by the Court will bind you. The Settlement Agreement is available here.

    Back To Top

22. HOW DO I GET OUT OF THE SETTLEMENT?

    The deadline to opt out of the Settlement was February 26, 2015. The Court approved the Settlement on April 2, 2015.

    Back To Top

23. IF I DON’T EXCLUDE MYSELF, CAN I SUE SYNOVUS BANK FOR THE SAME THING LATER?

    No. Unless you excluded yourself, you have given up the right to sue Synovus for the claims that the Settlement resolves. You must have excluded yourself from the Settlement Class in order to try to maintain your own lawsuit or arbitration.

    Back To Top

24. IF I EXCLUDE MYSELF FROM THE SETTLEMENT, CAN I STILL RECEIVE A PAYMENT?

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

    Back To Top

25. DO I HAVE A LAWYER IN THE CASE?

    The Court has appointed a number of lawyers to represent all Settlement Class Members as “Settlement Class Counsel.” They include:

    Bruce S. Rogow, Esq. Bruce S. Rogow, P.A. Broward Financial Center 500 East Broward Blvd. Suite 1930 Fort Lauderdale, FL 33394

    Aaron S. Podhurst, Esq. Podhurst Orseck, P.A. 25 West Flagler Street Suite 800 Miami, FL 33130

    Robert C. Gilbert, Esq. Grossman Roth, P.A. 2525 Ponce de Leon Blvd. Suite 1150 Coral Gables, FL 33134

    Adam Webb, Esq. Webb Klase & Lemond 1900 The Exchange SE Suite 480 Atlanta, GA 30339

    
    

    You will not be charged for contacting these lawyers. If you want to be represented by your own lawyer, you may hire one at your own expense.

    Back To Top

26. HOW WILL THE LAWYERS BE PAID?

    Class Counsel intend to request up to thirty percent (30%) of the $3,750,000 Settlement Fund for attorneys’ fees, plus reimbursement of the expenses of prosecuting the class action. The Court will decide the amount of attorneys’ fees and expenses to award. Class Counsel will also request that a service award payment of $10,000 be paid from the Settlement Fund to each Class Representative for their service as representatives on behalf of the whole Settlement Class. Counsels’ fees and expenses and service award payments awarded by the Court will be paid out of the Settlement Fund.

    Back To Top

27. HOW DO I TELL THE COURT THAT I DON’T LIKE THE SETTLEMENT?

    The deadline to object to the Settlement was February 26, 2015. The Court approved the Settlement on April 2, 2015.

    Back To Top

28. WHAT IS THE DIFFERENCE BETWEEN OBJECTING AND EXCLUDING?

    Objecting is simply telling the Court that you do not like something about the Settlement. You can object to the Settlement only if you do not exclude yourself. Excluding yourself is telling the Court that you do not want to be part of the Settlement. If you exclude yourself, you have no basis to object to the Settlement because it no longer affects you.

    Back To Top

29. WHEN AND WHERE WILL THE COURT DECIDE WHETHER TO APPROVE THE SETTLEMENT?

    The Court held the Final Approval Hearing on April 2, 2015 at 10:00 a.m. at the United States District Court for Southern District of Florida, Miami Division, located at James Lawrence King Federal Justice Building, 99 Northeast Fourth Street, 11th Floor, Miami, FL 33132. The Court approved the Settlement on April 2, 2015.

    Back To Top

30. HOW DO I GET MORE INFORMATION?

    This website summarizes the proposed Settlement. More details are in the Settlement Agreement here, You also may write with questions to the Synovus Bank Overdraft Settlement Administrator at PO Box 3230, Portland, OR 97208-3230 or call the toll-free number 1-888-236-0299.

    Back To Top