SunTrust Bank, which has since merged with BB&T to form Truist Financial, has entered into a $240 million settlement to resolve a long-standing class-action lawsuit. The legal action centered on allegations that the bank improperly charged overdraft fees on certain transactions, specifically those involving debit card purchases and ATM withdrawals. Plaintiffs argued that the bank's policies regarding the sequencing of transactions and the assessment of fees were deceptive and resulted in excessive charges for account holders.

Under the terms of the settlement, eligible customers who were charged these fees during the relevant period may receive compensation. While the maximum payout is cited as $1,000, the actual amount received by individual claimants will depend on the total number of valid claims filed and the specific history of fees incurred by each customer. The settlement does not constitute an admission of wrongdoing by the bank, which has maintained that its practices were consistent with its account agreements and applicable regulations.

Legal experts note that such settlements are common in the banking industry when institutions seek to avoid the uncertainty and high costs of prolonged litigation. Customers who believe they are eligible are encouraged to review the official settlement website to determine if they qualify and to submit a claim before the established deadline. The court is expected to hold a final hearing to approve the settlement, after which the distribution process will begin for those who have successfully filed their claims.