Ah, the grand spectacle of American banking! A certain bank, which shall remain nameless (but let’s just say it has more dollars than sense), is preparing to part with a staggering sum of $3.125 million. Why, you ask? Well, it seems they’ve been accused of breaching a contract, a rather serious affair, indeed!
In a twist worthy of a Chekhovian drama, Midland States Bank, hailing from the fine state of Illinois, finds itself in hot water. The bank, along with its two less-than-innocent acquisitions, has been accused of charging overdraft and non-sufficient funds (NSF) fees that could make even the most stoic accountant weep. 😱
The class action lawsuit, a veritable cornucopia of legal jargon, claims that Midland States Bank has engaged in “Breach of Contract and Breach of the Implied Covenant of Good Faith and Fair Dealing, Unjust Enrichment, and violations of the Illinois Consumer Fraud and Deceptive Business Practices Act.” Quite the mouthful, isn’t it? One might think they were trying to win a prize for the longest title!
Now, who stands to benefit from this windfall? Why, the customers of Midland States Bank and its charmingly acquired banks, Centrue Bank and Alpine Bank & Trust, of course! If you had a checking account between April 8th, 2012, and April 30th, 2022, you might just find yourself with a check for up to $10,000. Not too shabby for a little inconvenience, eh? 💰
But fear not, dear reader! The bank’s settlement is not an admission of guilt. Oh no, they simply wish to keep the peace, like a husband who forgets his anniversary and buys flowers to smooth things over. 🌹
For those who wish to voice their discontent, the court awaits your written objections by August 11th. And if you prefer to opt out of this delightful settlement, you must also write to the settlement administrator by the same date. Mark your calendars, folks! A final approval hearing is set for September 10th, where the drama will surely unfold.
As of December 2024, Midland States Bank boasted a whopping $7.45 billion in total assets. One can only imagine the number of overdraft fees that contributed to such a fortune! 💸
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2025-06-07 20:01