Class Action Suit Agains Bank of America

Class Action Banking company Fee Lawsuits

Sixty-eight percentage of American households had a banking concern business relationship (checking or savings account) in 2015 co-ordinate to a written report conducted past the Federal Deposit Insurance Corporation (FDIC)—the governmental corporation responsible for insuring deposits and examining and supervising financial institutions amidst other tasks.

Banks and credit unions offer a diverseness of checking business relationship products to their customers. In addition to the basic checking account, customers can add online cyberbanking, bill payment, debit cards, and overdraft protection services depending on the financial institution. With and then many ways to spend and deposit money, it's no surprise that many consumers wind up with bank accounts in a negative remainder or overdraft state of affairs. Banks earn acquirement from overdraft account fees. This income often serves as an incentive for banks to appoint in deceptive practices.

Property Banks Accountable for Improper Overdraft Fees

Cohen & Malad, LLP form activeness attorneys have been busy responding to consumer complaints about improperly charged overdraft and insufficient funds fees. Afterwards a thorough investigation, our attorneys institute that many of these banks and credit unions did illegally accuse fees to checking account customers and brought arrange against these financial institutions to return monies back to these consumers.

• Overdraft Fees Lawsuits

• Bereft Funds Fees Lawsuits

• ATM & Other Fees Lawsuits

Our investigations uncovered that banks and credit unions alike, regardless of size, repeatedly charged consumers overdraft or insufficient funds fees for transactions even though funds were available. Our team is proud to have litigated claims beyond the U.s. and has returned millions of dollars in improper banking concern fees to thousands of bank and credit matrimony consumers. Nosotros accept brought suit against fiscal institutions in the states listed below. If you have been charged an overdraft of insufficient funds fees that you believe are improper, contact us. Our attorneys tin can review your information and advise you of your legal rights.

See our Banking concern Litigation Fee Team

Lynn Toops, Partner

Vess Miller, Partner

Gabriel Hawkins, Partner

Lisa LaFornara, Attorney

Tyler Ewigleben, Chaser

Natalie Lyons, Attorney

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Consumers want answers about bank fees

Our attorneys accept discovered many mutual questions from consumers like yous when it comes to bank fees. Hither are a few of those questions.

Q. Is it illegal for a bank to reorder transactions?

A. Banks and credit unions accept faced lawsuits over the by several years for the manner debits are presented and processed in customer accounts. In some cases, these financial institutions ordered charges from highest to lowest amount, rather than in the order the client made them, as a way to maximize bereft fee charges and bulldoze revenue. Many of these lawsuits were settled for millions of dollars and consumers recouped their losses.

Q. Can I sue a banking concern or credit matrimony for overdraft fees?

A. In many cases our attorneys have successfully brought suit against banks and credit unions on behalf of consumers who were charged improper overdraft fees. If y'all remember your bank or credit union has been charging you improperly, contact the states.

Q. How much does it cost to bring a lawsuit against my depository financial institution for improper overdraft fees?

A. Our grade action attorneys handle improper bank fee lawsuits on a contingency basis. This ways we practice non require any money up front and collect our fees from the settlement at the end of the lawsuit. If we are not successful in litigation you lot volition non pay annihilation.

'Extended' Overdraft Fees

Some financial institutions charge multiple fees to consumers with checking accounts. One example is an 'extended' overdraft fee. These are fees the bank charges customers with negative account balances. These charges are assessed several days afterwards the account has been overdrawn—unremarkably betwixt vii to 10 days. Lawsuits have been filed against banks and credit unions that charge these fees and criminate these additional fees amount to an interest charge. There are limits to how much a visitor can charge in involvement and many of these fees exceed these limits.

Banking concern of America settled a grade activity lawsuit for $66 million for charging a $35 fee when an account is first overdrawn and some other $35 when the account remained overdrawn for five days.

ATM balance research fees

Many banks and credit unions charge customers fees for conducting transactions at ATMs that are outside of the financial establishment'due south network– besides known every bit foreign transaction fees. However, lawsuits have been filed confronting these financial institutions for charging fees to customers who perform a remainder research at foreign ATMs. These lawsuits allege that residuum inquiries are not cyberbanking transactions and customers should not be charged for this activeness. In some instances, customers were charged 2 fees in ane visit to an ATM, one fee for a residuum inquiry and ane for a cash withdrawal.

Reordering of debits and credits

Lawsuits have been filed against financial institutions for posting debits and credits to consumer accounts in a way to maximize overdraft fees. Here'due south an example: A consumer has $500 in their checking account. They have 4 debits for $150, $200, $400, and $250. Instead of posting the debits in the order they are received, the bank posts the largest one kickoff, thus creating an overdraft state of affairs upon posting the adjacent transaction. Had the banking concern posted the transactions in the order they were received the commencement two items would have cleared. Past reordering the debits the depository financial institution is able to collect an additional overdraft fee.

Banking concern of America settled a class action lawsuit for $410 million for reordering customer transactions and charging overdraft fees. TD Bank paid over $62 million in a class action settlement for the aforementioned affair in 2010.

If you or someone you lot know has been charged fees by a bank on a checking account, contact us. Our grade action attorneys would like to gather boosted information about your transactions.

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Source: https://www.cohenandmalad.com/practice-areas/class-action/overdraft-fee-class-action-lawsuits/

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