Truist Bank Settles $155.8 Million Over Illegal Overdraft Fees

Truist Bank, previously known as SunTrust Bank, has reached a settlement of $155.8 million to address allegations of illegal overdraft fees imposed on customers in Georgia from 2006 to 2014. According to NS3.AI, the settlement concludes a class-action lawsuit that accused the bank of violating Georgia's usury laws, particularly concerning overdrafts of $500 or less. After deducting attorney and administrative expenses, eligible customers will receive payments based on their claims, while any unclaimed funds will revert to the bank.