Midland States Bank, a billion-dollar Illinois-based bank, will pay out $3.125 million to settle a class-action lawsuit. The suit claimed the bank, along with two banks it acquired (Centrue Bank and Alpine Bank & Trust), wrongly charged overdraft and non-sufficient funds (NSF) fees.
What the Lawsuit Claimed
The lawsuit alleged that the bank’s practices violated contract law, principles of good faith, and Illinois consumer protection laws. It accused the bank of unjust enrichment through these improper fees.
Who Gets the Money?
Customers who held checking accounts with Midland States Bank or its acquired banks between April 8, 2012, and April 30, 2022, are eligible for a share of the settlement. Individual payouts could reach up to $10,000.
Important Dates and Information
The settlement isn’t an admission of guilt by Midland States Bank. Customers who disagree with the settlement or want to opt out must contact the court or settlement administrator in writing by August 11th. A final approval hearing is scheduled for September 10th.
Bank’s Size and Assets
As of December 2024, Midland States Bank held approximately $7.45 billion in assets, according to the Federal Reserve.
