Citizens Bank HELOC Minimum Payment Class Action Settlement
Class Members of the Citizens Bank settlement include anyone who meets the following criteria:
- You are a current Citizens Bank customer who obtained a HELOC from a Citizens Bank branch in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, Pennsylvania or Rhode Island before July 8, 2006; a Charter One branch in Illinois or Indiana between June 24, 2005 and July 8, 2006; or a Charter One branch in Ohio or Michigan between July 22, 2005 and July 8, 2006;
- Your HELOC was open as of Apr. 26, 2016, meaning you are in either the draw period or repayment period and have not paid off your outstanding principal balance and you have not received a notice from Citizens Bank indicating its intent to foreclose; and
- If you are a borrower in the repayment period, you did not elect the fixed rate conversion option in your HELOC agreement upon entering the repayment period.
A minimum of $20
Proof of Purchase
DiCicco, et al. v. Citizens Financial Group Inc., et al.,Case No. 2:15-cv-00267-TONDistrict Court for the Eastern District of Pennsylvania
According to the settlement the lender violated the(HELOC) agreements and violated consumer protection laws by not calculating minimum payments by using a level amortization method.
Citizens Bank denies any form of wrongdoing but agreed to settle the HELOC class action lawsuit to avoid the expense and uncertainty of ongoing litigation.