Cadence Bank agrees to $4.5M overdraft fees settlement [Yahoo! Finance]
Cadence Bank (CADE)
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Source: Yahoo! Finance
According to the lawsuit filed in Arkansas, Cadence Bank allegedly charged unfair overdraft fees even though the transactions were initiated with a positive balance. The settlement benefits consumers who were charged an “APSN Fee” by Cadence Bank between Jan. 11, 2019, and Nov. 15, 2023. According to the lawsuit, "Authorize Positive, Settle Negative" or APSN transactions are done this way: The moment debit card transactions are authorized on an account with positive funds to cover the transaction, the bank immediately reduces consumers' checking accounts for the amount of the purchase, sets aside funds in the checking account to cover that transaction, and adjusts the consumer's displayed "available balance" to reflect that subtracted amount. As a result, customers' accounts will always have sufficient funds available to cover these transactions because the bank held the required funds. However, the lawsuit says that despite putting aside sufficient available funds for debit
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