(Reuters) - JPMorgan Chase & Co
The settlement would resolve lawsuits brought on behalf of more than 1 million people over the fees, which are assessed when customers overdraw their checking accounts by using their debit cards.
Consumers accused more than 30 lenders of trying to boost overdraft fees, which are typically $25 to $35, by reordering transactions from largest to smallest rather than processing them in chronological order.
This can cause fees to be incurred sooner and more often because account balances fall more quickly.
Roughly one-third of the lenders have settled. Several others have agreed to mediation.
On Friday, lawyers for Capital One Financial Corp
In a order dated Thursday, U.S. District Judge James Lawrence King in Miami, who oversees the nationwide litigation, called the JPMorgan settlement fair, reasonable and adequate, and certified a class of plaintiffs.
Customers may opt out of the settlement. A final hearing is scheduled for December 10.
Bank of America Corp's
Other banks to settle include Royal Bank of Scotland Group Plc's
The Citizens and TD accords await court approval.
The case is In re: Checking Account Overdraft Litigation, U.S. District Court, Southern District of Florida, No. 09-md-02036.
(Reporting by Jonathan Stempel in Toronto; Editing by Lisa Von Ahn, Gary Hill)