SunTrust Bank (now known as Truist Bank) has agreed to a $240 million settlement to resolve a long-running class action lawsuit alleging it charged illegal overdraft fees on ATM and debit card transactions. This is one of the largest bank overdraft settlements in U.S. history.
⚠️ Important Dates: The opt-out and objection deadline is April 20, 2026. The Final Approval Hearing is scheduled for May 2026. The claim form deadline has not yet been officially confirmed but is expected to be in late August 2026 — no immediate action required other than watching for your notice and official claim deadline announcement.
$240M SunTrust Overdraft Settlement — Key Details
| Settlement Amount | $240,000,000 |
| Defendant | SunTrust Bank, N.A. (now Truist Bank) |
| Reason for Lawsuit | Alleged illegal overdraft fees on ATM and debit card transactions in violation of Georgia usury laws |
| Class Period | July 12, 2006 – April 15, 2014 |
| Eligible Geography | Georgia residents with SunTrust checking accounts |
| Opt-Out / Objection Deadline | April 20, 2026 |
| Final Approval Hearing | May 2026 |
| Claim Form Deadline | Expected late August 2026 (TBD — watch for notice) |
| Estimated Per-Person Payout | $5–$1,000+ (proportional to overdraft fees charged) |
| Expected Payout Date | ~November 2026 (within 90 days of claim deadline) |
Who Is Eligible?
You may be eligible if all of the following apply:
- You were a Georgia resident with a SunTrust Bank checking account
- You were charged at least one overdraft fee for an ATM or debit card transaction
- The overdraft transaction amount was $500 or less
- The overdraft occurred between July 12, 2006, and April 15, 2014
- You paid the fee and did not already receive a refund
- You received a notice from the settlement administrator with a Unique ID and PIN
How Much Will You Receive?
The full $240 million fund will be distributed after deducting attorney fees (~33%) and administration costs. Individual payouts are proportional to the total overdraft fees you were charged — those charged larger fees receive larger payments:
- Estimated individual payout range: $5 to $1,000+
- The exact amount depends on your personal overdraft history and the total number of valid claims submitted
What to Do Now
- If you want to opt out (to preserve your right to sue separately): Submit a written exclusion request postmarked by April 20, 2026
- If you want to object: File a written objection postmarked by April 20, 2026
- For most class members: No immediate action required — wait for the official claim form announcement (expected post-Final Approval in May 2026). The claim deadline is expected in late August 2026
- Ensure your mailing address is current with the settlement administrator so you receive the official claim notice
Settlement Timeline
- Opt-out / objection deadline: April 20, 2026 ⚠️
- Final Approval Hearing: May 2026
- Expected Claim Form Deadline: ~Late August 2026 (to be officially announced)
- Expected Payout Distribution: ~November 2026